Best Buy Mortgages Glossary - Cash Back
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Cash Back
A Cash Back mortgage does what it says on the tin! On
completion of the mortgage, your lender will pay a percentage of
the amount borrowed 'back' to you as a lump sum. The higher the
cash back sum paid, the greater and more complex the number of
strings likely to be attached to the mortgage. You may be faced
with high redemption penalties over several years should you
wish to consider redeeming the mortgage early. You may also be
offered a less competitive interest rate than is available
elsewhere.
Be aware also that a large cash back payment could,
potentially, have implications for capital gains tax purposes.
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