Cash Back Remortgages

Remortgage With Cash Back

Cheap Cash Back Mortgage Deals

Advice On Cash Back Mortgages

A cash back mortgage is one where a cash lump sum is paid to the mortgage applicant on completion of the mortgage. This cash back can be as high as 6% of the new mortgage amount and can be used for any purpose.

Some lenders provide small cash back amounts between £200 and £300  to cover solicitors cost on a standard remortgage.

However, using a cash back re-mortgage does come with some disadvantages. The mortgage rate that will be payable is usually the standard variable rate, therefore, if the Bank of England base rate rises, the lenders SVR will also be subject to change in accordance with this. If the rate changes, your monthly mortgage payments will also change, which is something you should be aware of.

Although a Cash back remortgage can offer a obvious initial short term advantage to borrowers in the form of a cash injection, this type of mortgage often has a ‘tie in’ 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 (an early repayment charge).

For more information about cash back remortgage deals enter your details in the form below for your free mortgage consultation, or call 01202 512340 lines open 9am - 7pm Monday to Saturday and speak to a mortgage advisor today.