A cashback mortgage is one which offers a cash bonus for choosing certain lenders. This cash can be anything from a few hundred to a few thousand pounds. This type of mortgage can be attractive for first-time buyers, with its appealing cash lump sum.
Is it right for you? Here's what you need to weigh up..
This cashback can help with moving costs, furnishing your new home, or other costs that come with moving home
Although this mortgage offers upfront cash, it is likely to have much higher fees and interest rates, making it more expensive in the long run.
Some lenders make you hold the mortgage for a certain length of time before releasing the cash, so it may not be available when it would be the most useful
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