Back Mortgage is one where the lender pays the
borrower a sum of cash on completion (set up)
of the new mortgage. This sum or 'cash back'
may either be a fixed specified amount (eg.
£1,000) or a percentage of the total amount
borrowed (eg. 4%).
Buying a new home can feel overwhelming and you may be wondering how you're going to cover all the different expenses. With Cash Back Mortgage you can get the cash you need to help pay your land transfer tax, lawyer's fees, moving costs, closing costs and other expenses.
How Much Cash Can You Get?
The amount of money you receive is based on the size and term of your mortgage-up to 7% of its value up to a maximum of $20,000.
When Do You Get Your Payment?
Your cash back is paid on the date your mortgage is advanced-just in time to help you cover immediate expenses, expected or otherwise! The money you receive is yours to keep so long as you hold your mortgage to the end of its negotiated term.
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