What is a Cashback Mortgage? - Luisa Hough

*Picture credit and information all to Luisa Hough*

"As the name implies, a cashback mortgage is similar to a standard mortgage, except that you receive a lump sum of cash upon closing. This lump sum will either be a fixed amount of money or a percentage of the mortgage amount, usually between 1-7%, depending on the mortgage term selected.

How you use the cash is entirely up to you. Some of the most common reasons to secure a cashback mortgage are to:

  • Cover closing costs.
  • Buy new furniture.
  • Renovate your property.
  • Supplement cashflow.
  • Consolidate higher-interest debt. 

You can use the cash for anything you like. It’s tax-free and paid to you directly once the mortgage closes".

Visit https://www.luisahough.com/what-is-a-cashback-mortgage to learn more about

  • Understanding the cost of a cashback mortgage.
  • Eligibility for a cashback mortgage
  • breaking your mortgage term early
  • Get independent mortgage advice.
Monica Donetti,
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