Home / Mortgages / Introduction To Mortgages / Cashback Mortgages
Gary has been providing advice to clients on their mortgage needs for over 10 years. He has extensive experience in providing advice and recommendation on all types of mortgage including high net worth purchases, new build purchases, self-employed, contractor and adverse credit. Clients working with Gary can expect a straight-forward honest and highly personalised service.
A cashback mortgage is an arrangement where the lender pays or rebates to the borrower a sum of money (or some other form of financial benefit/incentive) either on completion of the mortgage or at a later stage. The borrower can use the cashback to help pay some of their property purchase costs such as legal and surveying costs, stamp duty, removals charges or home improvements and repairs.
The amount of cashback the borrower will receive depends on the lender’s requirements. Sometimes it is calculated as a percentage of the total mortgage advance and will therefore vary in value, or it may be a fixed and non-negotiable amount. Some mortgage providers insist that the borrower already holds (or opens) a current account with them before they qualify for cashback.
Cashback mortgages are usually associated with standard variable rate or tracker mortgages, although the rate of interest may or may not be higher. As well as applying an early repayment charge on these mortgages, if a cashback mortgage is redeemed before the end of the agreed term, the lender may ask the borrower to repay all or part of the cashback.
We take away the stress and uncertainty of applying directly with a lender who may not have the most suitable deal for you.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
All about inheritance tax planning with Michelle Boakes.
LISTEN NOW
Overpaying on a mortgage or paying into a pension with Michelle Boakes.
LISTEN NOW
Michelle Boakes explains the role of a financial adviser.
LISTEN NOW
All about interest-only mortgage expiry with Michelle Boakes
LISTEN NOW
ESTATE PLANNING IS NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
Where are meetings held?
Meetings can be held virtually, via Zoom or Microsoft Teams. You can visit us in our Salisbury office, or we can travel to your home or place of work.
What do you charge for a financial plan?
Our price varies depending on the complexity of your situation. This is something we can discuss in detail at our initial meeting.
How long should I allow for an initial meeting?
Mortgages
60 minutes
Financial planning
90 minutes
LOGIN NOW!
PLEASE ENTER YOUR EMAIL ADDRESS. YOU WILL RECEIVE A LINK TO CREATE A NEW PASSWORD VIA EMAIL.
TO COMPLETE THE PASSWORD RESET PROCESS, PLEASE CONFIRM YOUR EMAIL ADDRESS, AND THEN ENTER THE NEW PASSWORD.
