Cashback Mortgages
Hot Topics
- What Happens If I Have No Proof Of Income?
- If you are self-employed and cannot provide any proof of income – you will have to self-certify your income. In most cases you will need to provide an accountant’s certificate as proof of income.
- Unusual Properties
- What happens if I have an unusual property?
- Is There Any Way I Can Lower My Monthly Repayments Without Switching Mortgages?
- If you find that you cannot afford your monthly mortgage repayments and do not wish to switch your mortgage to another lender – then you will need to negotiate new terms with your existing lender.
- What is a Fixed Rate Mortgage?
- A loan where the initial payments are based on a certain interest rate for a stated period and the rate payable will not change during that period regardless of changes in the lender's standard variable rate.
- What are Self Certification Mortgages?
- When you apply for a mortgage, the lender will require from you proof that you will be able to maintain the mortgage payments, and do not present a risk of non-payment for the large amount of money you are borrowing.
Cashback Mortgages provide you with a lump sum of cash upon completion of the property purchase, either as a percentage of the mortgage or a fixed sum.
Many people wish to make home improvements or extensions to their new home, but most cannot afford the additional cost on top of their mortgage repayments.
A cash back mortgage provides a cash lump sum once the mortgage is fully in place and the new property has been purchased. The cash lump sum can be used for anything, but in practice the majority of people wish to add value to their new home.
A cash back mortgage can be achieved by over mortgaging your new property with ANY mortgage lender who will offer you the mortgage. It is not a specific variant of mortgage but a specific use of a mortgage.
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