Cashback mortgages


Cashback mortgages are becoming increasingly popular as they provide an upfront financial boost to homeowners. With a cashback mortgage, you can receive a lump sum when you take out a mortgage, typically ranging from £500 to £2,000, depending on the lender. This lump sum can be used for anything you want, from home improvements to savings.

The interest rate on cashback mortgages is usually higher than on other mortgages, so comparing the available options is essential. Several lenders offer cashback mortgages, so it is worth comparing the different options to get the best deal. It is also important to consider any other fees that may be associated with the mortgage, as these can affect the overall cost.

By comparing different lenders and their cashback mortgage offers, you can ensure that you get the best deal for your needs and circumstances. With the right cashback mortgage, you can get the financial boost you need to make home improvements or save for the future.

What is a cashback mortgage?

Cashback mortgages are a great way to help borrowers with their upfront costs and reduce their monthly mortgage payments. A cashback mortgage is a type of mortgage that pays out a lump sum of cash to the borrower at the start of the mortgage. The amount of cash you receive is typically a percentage of the total mortgage amount, and it can be used to cover legal fees, surveyors fees and stamp duty, or even pay off other debts or invest in a savings plan. It’s important to compare your options before you commit to a cashback mortgage, as they usually come with higher interest rates than conventional mortgages. However, a cashback mortgage could be ideal if you need help with deposits or reducing your monthly payments.

First-time buyer exclusive range

Are you a first-time buyer looking to get on the property ladder? If so, our exclusive range of cashback mortgages could be just what you need. Our mortgages offer up to £2,000 cashback, making it easier for first-time buyers to get on the property ladder. The cashback is paid on completion of the mortgage and can be used for any purpose. Whether you’re looking to make home improvements, buy furniture or cover the costs of the move, we have a range of cashback mortgages to suit different budgets and needs.

At MortgageTek, we understand that buying a property can be daunting, so we’re here to help every step of the way. Our expert team offers advice and guidance throughout the process, making it as easy and stress-free as possible. So, why not look at our range of cashback mortgages and see how we can help you get on the property ladder?

Compare mortgages

Cashback mortgages offer an attractive option for purchasing a new home. In essence, a cashback mortgage provides a lump sum of cash upfront when you take out the mortgage, which can be used to cover the costs associated with buying a property, such as legal fees and stamp duty. This money can also reduce the amount you need to borrow, saving you money in the long run. When considering a cashback mortgage, it is essential to compare the product with other mortgage products to ensure you get the best deal. Be sure to look out for hidden fees or charges associated with the cashback mortgage product. Ensure you understand precisely how much money you will be getting back and how it is being paid out so you can make an informed decision about the best option for your circumstances. 

Advantages of a cashback mortgage

Cashback mortgages can significantly benefit those looking to purchase a home. They can provide a lump sum of money up-front, which can be used to pay for home improvements, furniture, or even a car. This can help reduce the amount of money borrowers need to pay up-front for the mortgage, reducing the overall cost. Cashback mortgages also allow borrowers to access additional funds in the event of an unexpected expense, such as medical bills or home repairs. Not only can they benefit borrowers who want to pay down their mortgage more quickly by allowing them to use the cashback to make additional payments on the mortgage, but they can also be a great source of emergency funds. A cashback mortgage could be the perfect solution for those looking to reduce the cost of their mortgage while having access to additional funds. It can be a great way to access the benefits of a mortgage while having the flexibility to access additional funds as needed.

Compare cashback mortgages

This money can be used for various purposes such as renovations, furniture or even a holiday. The amount of cashback can vary from lender to lender, so it is important to compare different lenders and find the best deal. A Compare cashback mortgage can help you compare different lenders and allow you to find the best deal. However, the lender with the highest cashback may not always be the most suitable option. It is essential to consider the total cost of the mortgage, including interest rates, fees and cashback, when comparing different lenders. Cashback mortgages can be a great option for those looking for a short-term fix. However, ensuring you understand the full terms of the mortgage before taking out a loan is essential. Make sure to compare different lenders and the total cost of the mortgage to ensure you get the best deal.  

There are different types of cashback mortgages offered by NatWest. For example, they have specific deals for first-time buyers and homeowners. 

However, it’s important to note that cashback is not free money. It’s usually factored into the mortgage deal somehow, for example, by charging a higher interest rate or incorporating it into the loan. Therefore, it’s crucial to look at the overall cost of the mortgage before deciding whether a cashback deal is good. NatWest might have their terms and conditions for their cashback mortgage, so it’s recommended to speak directly with their mortgage advisers for specific details.

Mortgage cashback HSBC

Many potential homeowners are thoroughly exploring their finances before securing a mortgage, and HSBC cashback mortgages have become an appealing option. This mortgage allows homeowners to receive cash upon closing their mortgage loan, thus providing an extra resource to cater for miscellaneous property-related expenses. For those seeking a comprehensive understanding of cashback mortgages, we’ve concretely analysed HSBC’s offer in detail. This helpful analysis will provide a clearer picture, revealing its key features, potential benefits, and customary considerations to help you make an informed decision. So, an HSBC cashback mortgage might be the perfect fit for those seeking flexibility with their mortgage payments. 

How does a cashback mortgage work?

A cashback mortgage is a type of mortgage where the lender pays the borrower a lump sum when the mortgage is taken out. This lump sum is typically a percentage of the total mortgage amount and can range from a few hundred to a few thousand pounds. The cashback is usually paid directly into the borrower’s or savings account, allowing the cash to be used for any purpose, such as home improvements or paying off existing debts. Although cashback mortgages may sound appealing, they may not suit everyone. They usually come with higher interest rates and charges than standard mortgages, so it is important to compare different cashback mortgages and to consider other factors such as fees, repayment terms, and the total cost of the loan before making a decision. It is also important to speak to a qualified financial advisor to ensure that the cashback mortgage is the right choice for your needs. 

Cashback mortgages FAQs

A Cashback Mortgage is an increasingly popular form of mortgage that allows homeowners to receive a lump sum of cash when they take out their mortgage. This type of mortgage can be a great way to get some extra money to help with upfront costs, such as the deposit on a new property, stamp duty fees, or even to pay off other debts. To qualify for a Cashback Mortgage, you must meet specific criteria set by your lender. These will depend on the lender but typically include having a good credit history and a steady income. You may also need to provide proof of income and other financial documents. The advantages of a Cashback Mortgage are apparent. Having additional funds at your disposal upfront can be a great help, especially if you are looking to buy your first property or if you are looking to make improvements to your existing property. You could also use the money to pay off any existing debts or to put down a larger deposit on a new property, which could reduce your overall mortgage payments. The disadvantage of a Cashback Mortgage is that the interest rates are usually slightly higher than those of a standard mortgage. This means that over the life of the loan, you could end up paying more in interest. Additionally, the cashback you receive is usually restricted to a certain percentage of the loan amount.

The repayment terms of a Cashback Mortgage are usually the same as those for a standard mortgage. You will be required to repay the loan over a specific period of time, usually between 5 and 30 years.

Are there any restrictions on how the Cashback can be used? Generally, the cashback can be used for any purpose, such as making improvements to your existing property, paying off debts, or putting down a larger deposit on a new property. However, it is important to check with your lender before taking out a Cashback Mortgage, as there may be restrictions on how the money can be used.

How long does it take to get the Cashback? After completing the mortgage application process, it usually takes three to six weeks to receive the cashback.

Are there any fees associated with a Cashback Mortgage? Some lenders may charge an arrangement fee for setting up the Cashback Mortgage, so it is important to check with your lender before taking out the loan.