Mortgage & Property Advice Centre for First Time Home Buyers

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


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Is owning your own home still the be-all and end-a

Is it better to own your home rather than to rent?

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Is buying your first home more about making money than investing in your long term future?

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Do you worry about buying your first home and its value dropping?

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Could the government do more to help first time buyers?

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Do you think you are doing everything you can to get a decent deposit together?

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no, I could do more

Is it likely when you come to buy, that your parents will be helping you with the deposit or your mortgage?

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