What is a Cashback Mortgage?

Cashback Mortgage Advice in Newcastle

We tend to find we receive loads of enquiries regarding the many different types of mortgage available one of them being cashback mortgages. We aim to answer the most frequent questions about cashback mortgages. These include; will it benefit me in the long term or short term, and how does it compare to my other mortgage options?

With the sheer amount of requests, Mortgage Advisor in Newcastle and managing director Malcolm ‘the Moneyman’ decided to make a video regarding cashback mortgages.

What is a Cashback Mortgage? | MoneymanTV

What is a Cashback Mortgage?

Cashback mortgages are pretty self-explanatory. After paying off your mortgage or after finishing your mortgage term, you will get some cash back.

The amount you get back is a percentage of what you have borrowed like 1 or 2%. Some lenders like to have a fixed price in the contract. Even if you have a long mortgage term, this is a fixed amount, and it will not increase over time.

Will a Cashback Mortgage benefit me?

Cashback mortgages come with both advantages and disadvantages. Such as, some Cashback Mortgages might come with a free property valuation or some fringe benefits.

Cashback Mortgages can be very attractive to customers that are borrowing lower mortgages. You will get some money back plus some benefits on the side. If you are offered a reasonable percentage on your Cashback Mortgage, you should consider taking it up as it may be worth it in the long term.

The only real disadvantage to a cashback mortgage is that they sometimes come with high-interest rates.

Different Types of Mortgages in Newcastle

Compared to other mortgage options available, Cashback Mortgages are not the most popular. However, they are still worth considering. We still see customers at Newcastlemoneyman looking for Cashback Mortgages, and they are a great backup option if you don’t qualify for your first choices.

If you want a more in-depth viewpoint, be sure to book your free mortgage appointment online or give us a call To speak with a Specialist Mortgage Advisor in Newcastle. Our team will be more than happy to explain the benefits of taking out a Cashback Mortgage and why they could be a suitable option for you.

Newcastlemoneyman.com & Newcastlemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Newcastlemoneyman

Newcastlemoneyman – Clavering House, 1 Clavering Place, Newcastle Upon Tyne, NE1 3NG.

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