This was a mortgage that was quite popular in the early 90s as you could get your mortgage and then get a cashback (normally 3 – 5% of loan amount) which could help you decorate the property or use the money any way you wanted.

Now, no matter how nice a person you are or how benevolent you are to society a bank will not give you a lump sum of money without any strings attached.

Typically a cashback mortgage which is redeemed in the first 5 years would carry a penalty of 6 months mortgage payments (5% of the loan) and a repayment of the lump sum given.

This type of loan is ideal for a purchaser who can envisage themselves being in the property they are buying, for longer than the potential redemption period (normally 5 years), but would like an initial cash input.

Please Contact Us for more information.