When a lender pays a lump sum at the beginning of the mortgage term as an incentive to the borrower, it is called a cash back mortgage. With so much competition in the lending market, there are a number of remortgage cash back deals available as lenders try and entice new customers. Remortgage cash back deals are usually taken out because, on top of the cost of the home itself, there are many additional costs associated with buying a new house, and the extra money can be used for:
- Buying furniture for the new home
- Covering solicitor fees
- Stamp duty
Due to the high interest rates on other types of loans, borrowers are opting for remortgage cash back deals more and more as a way of borrowing a initial sum and of consolidating existing debts. Fill in our enquiry form to get quotes and advice about the best deals available.