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First Time Buyers
Need a mortgage? Maybe you're a first time buyer and need a mortgage with a minimum deposit?
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Purchase / Remortgage
Need advice on the dos and don'ts of buying your next home? Fixed rate ending and need to remortgage?
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Other Products
Life Cover, Buildings and Contents, Sickness, Accident and Redundancy Cover, Secured loans
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Adverse Credit
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FAQs
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The Mortgage Point
Cash Back Mortgages
Cash back mortgages are a type of mortgage that provides you, the borrower with a lump sum of money typically shortly after you complete your mortgage application.
There are 2 main types of cash back mortgages available. They can be either offered as the lenders standard variable rate or alongside another type of mortgage or loan. The cash back offered as the lenders standard variable rate mortgage can vary considerably between different lenders and is generally paid out a few weeks after the mortgage application has been completed.
In the second instance, where cash back is offered for the product being taken alongside another type of mortgage or loan, the cash back amount received is likely to be a lot lower.
The money received from cash back mortgage is usually taken to cover the cost of valuation fees and legal costs associated with the house purchase. This is why Cash back mortgages are best suited to first time buyers as they will come across additional costs that they will not have experienced before.
Minimum deposits on most cash back mortgages tend to be around 5% of your mortgage value, although you may find that you get better deals with higher deposits. The amount you receive is also based on the size and length of the term of the mortgage you are applying for. Most payments come through within two to three weeks after completion of your mortgage application.
As with any mortgage you should be sure to check all the rates and details before signing on the dotted line and this is why The Mortgage Point are here to help and guide you in making the right decision.