Looking for cashback mortgage deals?

Our best buy table below highlights our pick of the best cash back mortgage deals currently on the market. With a cashback mortgage on completion your lender gives you a lump sum of money. This may be cash equivalent to the proportion of the amount you've borrowing (for example 1%) or may be a fixed amount (for example £500). With this type of mortgage you receive the cashback on completion, not before.

Advantages and disadvantages

  • Having a lump sum on completion can help you with the costs of new furniture or repairs. 
  • Cashback mortgages can charge higher interest rates than other mortgages.


Why speak to an adviser?

Before you decide to opt for a cashback mortgage, it's important to speak with an independent mortgage expert. Our advisers at John Charcol will be able to assist you in comparing products from across the mortgage market to help you decide which mortgage is best for you, and your individual needs. If you could be better off taking out a different deal, our experts will advise you. Current best cashback mortgages deals:

Initial Rate
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Total amount of credit
?
Monthly repayments
?
Scheme fees
?
Total amount payable
?
Overall rate
?
Max Loan to value 90%: 3 Year 2.49% Fixed. Purchase Only.
Initial Rate
2.49% Fixed until 30/04/2020 then 3.74% variable for term
Total amount of credit
£405,000
Monthly repayments
£1,814
Scheme fees
£1,520
Total amount payable
£606,765
Overall rate
3.50% APRC

Fees and charges:

Booking Fee£0
Arrangement fee£995
Valuation fee£525
Other fees£0
Cashback£750

Flexibility:

Overpayments allowed?10% per annum
Early Repayment Charges3% until 30/04/19, 1% until 30/04/20

Other info:

Exit fee£0
Basic legalsPayable
Special Deal£750 Cashback payable on completion
Call now for more information: 0344 346 3672
Representative example A mortgage of £405,000 payable over 25 years on a repayment basis, initially on a fixed rate for 3 years at 2.49%, followed by a variable rate of 3.74% for the remaining 22 years would require 38 payments of £1,813.55 and 262 payments of £2,047.06. The total amount payable would be £606,765 made up of the loan amount plus interest (£200,245) and fees (£1,520). The overall cost for comparison is 3.50% APRC representative
Max Loan to value 80%: 2 Year 2.69% Fixed. Purchase only. Maximum loan £500,000
Initial Rate
2.69% Fixed until 31/05/2022 then 3.74% Variable for term
Total amount of credit
£360,000
Monthly repayments
£1,648
Scheme fees
£0
Total amount payable
£532,633
Overall rate
3.30% APRC

Fees and charges:

Booking Fee£0
Arrangement fee£0
Valuation fee£0
Other fees£0
Cashback£2500

Flexibility:

Overpayments allowed?10% per annum
Early Repayment Charges£80, plus (3% until 31/05/22) of balance repaid

Other info:

Exit fee£80
Basic legalsPayable
Special DealCashback of £2,500 within 28 days completion. Free Valuation.
Call now for more information: 0344 346 3672
Representative example A mortgage of £360,000 payable over 25 years on a repayment basis, initially on a fixed rate for 5 years at 2.69% and then on a variable rate of 3.74% (3.49% above Barclays Bank Base Rate, currently 0.25%, which will not go below a floor of 3.49%) for the remaining 20 years would require 63 payments of £1,648.43 and 237 payments of £1,808.72. The total amount payable would be £532,633 made up of the loan amount plus interest (£172,518) and fees (£115 which includes exit fees of £80). The overall cost for comparison is 3.30% APRC representative.
Max Loan to value 75%: 5 Year 4.69% Fixed. BTL Purchase Only. Maximum loan £500,000
Initial Rate
4.69% Fixed for 5 years then 3.99% - Variable tracker rate for term
Total amount of credit
£337,500
Monthly repayments
£1,911
Scheme fees
£5,688
Total amount payable
£552,289
Overall rate
4.50% APRC

Fees and charges:

Booking Fee£0
Arrangement fee£5,063
Valuation fee£590
Other fees£35
Cashback£13500

Flexibility:

Overpayments allowed?Subject to Early Repayment Charge
Early Repayment Charges£120, plus (5% in year 1, 5% in year 2, 4% in year 3, 4% in year 4, 3% in year 5)

Other info:

Exit fee£120
Basic legalsPayable
Special Deal£13,500 (4%) Cashback payable on completion.
Call now for more information: 0344 346 3672
Representative example A mortgage of £337,500 payable over 25 years on a repayment basis, initially on a fixed rate for 5 years at 4.69% and then on a tracker variable rate of 3.99% (3.61% above Libor, currently 0.38%, which will not go below a floor of 3.61%) for the remaining 20 years would require 60 payments of £1,910.62 and 240 payments of £1,799.35. The total amount payable would be £552,289 made up of the loan amount plus interest (£208,981.50) and fees (£5,807.50 which includes exit fees of £120). The overall cost for comparison is 4.50% APRC representative.

Legal

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

John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.