Cashback mortgage

A cashback mortgage offers you a cash lump-sum at the beginning of your mortgage.  This is a normally a fixed percentage of your total mortgage but it can be an agreed amount also.

If you take out a mortgage for £100,000 with a 4% cashback, you will receive £4,000 on completion of your house purchase or remortgage.

There are no inherent negatives of a cashback mortgage but you should be wary of a higher than normal interest rate or early repayment fees that may negate the value of the cashback received.

John Charcol is not authorised to offer investment advice.  We recommend you seek professional advice with regard to these topics if you believe they may affect you.

Terms & conditions

Your initial mortgage consultation is obligation free. There will be a minimum fee for our mortgage service of £450, of which £150 is payable when you apply, and we will retain the commission from the mortgage lender. Alternatively, you can choose the fee only option which is typically 0.65% of the amount borrowed. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed before you make a mortgage application.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT

Legals

John Charcol is a trading style of Towergate Financial (West) Ltd, which is authorised and regulated by the Financial Services Authority; our registration number is 147692. John Charcol Associates LLP is an appointed representative of Towergate Financial (West) Ltd, which is authorised and regulated by the Financial Services Authority.  Registered office: Towergate House, Eclipse Park, Sittingbourne Road, Maidstone, Kent ME14 3EN. Registered in England No: 02292688.  This mortgage site is only directed at persons within the UK.   The FSA does not regulate some investment mortgage contracts.  Calls may be recorded for training and monitoring. Max call charge from a BT landline is 3.9p per minute. Calls from other networks may vary.