Cashback mortgage

A Cashback Mortgage is one where the lender pays the borrower a sum of cash on completion of the new mortgage. This cashback is either a fixed specified amount (e.g. £2,000), or a percentage of the amount borrowed (e.g. 2%). This cashback may be used for any purpose by the customer.

Many lenders may impose a minimum time period with a cashback mortgage and should you pay off your mortgage in part or full prior to the end of this period, there may be a requirement to pay back some or all of the cashback as part of an early repayment charge. You should ask your mortgage advisor for full details of any possible claw backs.

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