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Some mortgage lenders, especially in the UK, pay one-time payments to new borrowers early in the mortgage. Called cashback , this amount of money is often marketed as free cash, but is actually funded by mortgage interest paid by the borrower. The size of the lump sum depends on the size of the mortgage and is usually offered only on certain mortgages within the range of mortgage lenders. Cashback on mortgages is very popular with first buyers, who put money back to buy furniture, because these types of buyers often do not have surplus funds after paying a deposit in their new home.
Video Mortgage cashback
See also
- Equity loan
Source of the article : Wikipedia
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