First Time Buyers Mortgages
Cashback 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
Many lenders off er cash back - to find out the latest offers it's
best to seek mortgage advice to see who offers the best deals today.
Cash-Back Mortgage Advice
Seek
cash back mortgage advice.
Request mortgage advice about cash-back mortgages.
Features, advantages and disavantages of specific first time buyer mortgages:
Cashback 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