With a plethora of mortgage types available to home buyers, a First Time Buyer in Nottingham may feel a little overwhelmed when it comes to choosing the right one for them.
Each mortgage types have its own unique purpose each with its own advantages and disadvantages. This is where an experienced Mortgage Advisor in Nottingham can help you with finding the perfect match.
This article will take a look at how Cashback Mortgages work along with the benefits it can have to borrowers and how they compare to other options.
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Cashback mortgages are an option in which you will usually get some cash back at the end of your mortgage term. This sum is usually based on a percentage of what you borrowed and is around 1 or 2%.
When it comes to a cashback mortgage, your lender might specify a fixed price within the mortgage contract. Therefore, whether you are taking a mortgage over a long period of time, the amount will not change or increase over time.
Below are just some benefits to home buyers:
As an open and honest Mortgage Broker in Nottingham, we would suggest that if the lenders offers you a reasonable percentage on your cashback mortgage, you may wish to consider taking this up because of how beneficial it would be in the future. Sometimes, people decide not to choose a cashback mortgage because the interest rates are usually a little higher.
As mentioned, there are many mortgage options available, with cashback mortgages not being as popular compared to others. Regardless of this, our team do receive enquiries about them, as well as being a good backup choice if your first mortgage deal doesn’t quite work out.
For more information regarding the different mortgage types and your options may be, it could be helpful to contact an expert Specialist Mortgage Advisor in Nottingham. Whatever your circumstances, we will work hard to help you achieve your mortgage goals. We are always up for a challenge!