Cashback Mortgage

Introduction

A cashback mortgage offers more than just a home—it provides you with a financial boost. With this type of arrangement, your lender gives you a cash sum or financial incentive, either when your mortgage completes or at a later stage. It’s a handy way to help with some of the costs that come with buying or improving your home.

How Does Cashback Work?

The amount of cashback you receive depends on your lender’s terms. It could be:

• A percentage of your total mortgage—meaning the higher your mortgage, the bigger the cashback.
• A fixed sum—a set amount, regardless of the mortgage size.

Some lenders may require you to hold (or open) a current account with them to qualify for cashback, so it’s worth checking the fine print.

How Can Cashback Help?

You can use your cashback to cover a range of costs, including:

• Legal and surveying fees.
• Stamp duty.
• Removal costs.
• Home improvements or repairs.

Things to Keep in Mind:

• Cashback mortgages are often linked to standard variable rate or tracker mortgages, but the interest rate may vary depending on the deal.
• Early repayment charges may apply if you pay off your mortgage before the agreed term ends. Additionally, the lender could ask you to return all or part of the cashback.

Is a Cashback Mortgage Right for You?

If you’re looking for a little extra to cover the upfront costs of buying or improving your home, a cashback mortgage can be a great option.

Let’s Find the Right Deal for You

At Maplestone, we’ll guide you through your mortgage options and help you decide if a cashback deal fits your needs. With straightforward advice and expert support, we’ll make sure your mortgage works for you.

Want to Know More?

Get in touch today, and let’s talk cashback!