A Cashback mortgage is a mortgage that gives you cash back at the outset of the mortgage, this can be used for any purpose at all, whether you need to redecorate, buy furniture or just go on holiday to relax after purchasing your new home.
Lets face it you will not need a holiday as amber mortgage solutions will have made the process easy and stress free for you.
The amount of cashback you can get varies from lender to lender but can be quite a welcome cash injection especially to first time buyers.
As an example if you take out a £200,000 cashback mortgage with 3.5% cashback, you will receive £7,000 cash at the outset of the mortgage.
There may be an initial term tie in which means that you will have to pay a penalty for moving your mortgage before this initial period has passed,
Unfortunately mortgage companies are not in the habbit of just giving money away so you may pay a higher rate of interest than with other types of mortgage.
After your cashback mortgage term has expired you will normally be in a position to switch to another provider without penalty, we would highly recommend that you contact us three months before your capped rate expires to enable us to arrange your new mortgage for you 01702 619 221 if you have used us before we will contact you in plenty of time as a reminder.