First Time Buyers Mortgages

Cash-back Mortgages

How cash-back mortgages work
In return for approx. 5% deposit, you can get up to 6% of the loan in cash-back, which is paid on completion. Both the rate and tie-in may be fixed for a set period.

Advantages of cash-back mortgages
Cash-back can come in handy for home-buying fees and the costs of setting up a new home.
If you don't use the cash back you could put it into savings or, depending on the flexibility of the mortgage, use it to make overpayments. Clever use of a bank loan and a cash-back mortgage means you can eventually use the cash-back as part or all of your deposit.

Disadvantages of cash-back mortgages
Many home-buying costs such as a survey, searches and land registry fees and searches are payable before completion so this money will not help.
If you redeem the mortgage during the tie-in period, you will be hit with a hefty redemption penalty. In some cases, although not with the Chelsea, you will also have to repay the cash-back.

Lenders offering cash-back mortgages
Chelsea Building Society
Portman BS
Tipton & Coseley BS
Cumberland BS

Cash-Back Mortgage Advice
Seek mortgage advice about cash-back mortgages and other first time buyer mortgages.

Features, advantages and disavantages of specific first time buyer mortgages:

100% Mortgages l High LTV Mortgages l Graduate Mortgages l Professional Mortgages l Mortgages with Parents l Guarantor Mortgages l Family Offset Mortgages l Mortgages with Friends or Family l Mortgages at University l Rent a Room Mortgages l Affordable Mortgages l Interest only Mortgages l Part Repayment Part Interest Mortgages l Interest-free Start Mortgages l Shared Ownership Mortgages l Poor, Adverse or Poor Credit Mortgages l Key Worker Mortgages l Shared Equity Mortgages l 30, 35, 40 Year Term Mortgages

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First Time Buyers Mortgages

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