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A Cash back mortgage is great for first-time buyers, those on a tight budget, or those who have taken out a loan to use as a deposit for the mortgage. Once the deal is done, your mortgage lender will reimburse a certain proportion of your mortgage loan. This could be as much as a couple of thousand pounds, depending on the mortgage lender and the size of the mortgage. Cashbacks were previously available only on variable rate mortgages but can now also be taken out in conjunction with any of the other special mortgage deals. The downside is that, by taking the cashback from the mortgage, the rate of interest you pay is likely to be less attractive than a non-cashback mortgage. If you repay part of the mortgage or redeem it in full during an initial period, you may well be asked to pay back some or all of the cashback payment.
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