Cash-back mortgages are generally meant for first time buyers and for this type of mortgage lender will offer a lump sum of cash at the start, or sometimes at an agreed point during the term, of your mortgage. Usually the cash-back is offered as a package of benefits but pure cash-back mortgages are not uncommon. Mortgage lenders may offer a sum of money towards the cost of legal fees or survey charges.
In return, you typically have to agree to take the mortgage lender's standard variable mortgage rate.
Cash Back Mortgage is one where the lender pays the borrower a sum of cash on completion (set-up) of the new mortgage. The cash back amount is generally fixed specified amount of the amount borrowed. This Cash Back allows customer to fulfill hidden desires like that of home decoration and a holiday vacation to dreamed destination. Although Cash Back mortgages offer an obvious initial short term advantage to borrowers in the form of a cash injection, this type of mortgage often has a 'lock up' period for a number of years, whereby the cash back must be repaid in part or in full should you decide to pay off your mortgage or move your mortgage to another lender.
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