Cashback

This is not a mortgage product as such - the product itself will be a variable rate or a fixed rate or whatever - but there are a number of products that offer you a cash payment once the mortgage starts. These payments can range from a couple of hundred pounds to several thousand - a few years ago, one lender was offering cashback of ten per cent of the mortgage amount.

There tend to be restrictions on these types of mortgage - if the cashback is a significant amount, you probably won't be allowed to use the money to repay part of the loan, and you're likely to be tied in to the deal for a certain period, the more the cashback the longer the period.

The rates on these deals are also likely to be relatively uncompetitive - the lender is not giving away this cash out of the goodness of its heart - and will want to recoup it somehow - so you need to make sure that the amount you gain from the cashback is not dwarfed by the increased size of your repayments.

Simply complete the enquiry form, and let a specialist broker do all the shopping around for you and provide you with a no obligation quote.