Cash Back Mortgages - Cheap Mortgage Deals

As the title suggests, when you take out this type of mortgage, you will be given a lump sum. This could be either at the moment the loan has been given to the borrower or after the first monthly repayment has been received.

Most deals with come with an offer of approximately 3% to 5% although it is possible to receive as much as 10%.

The better the initial deal, the more likely there will be tie ins or early repayment charges attached to the mortgage and these may include paying back the cash sum if you choose to change your mortgage.

Most mortgages can come with cash back deals but the interest rates attached may be higher than for other products.

The size of the cashback sum is often linked to the percentage of the value of the property borrowed and can often be available only on mortgages up to 75% loan to value. Some will offer a relatively small sum from £200 to £400 and are designed to help with the fees.