As the name suggest, with this type of mortgage you pay interest at the lender’s Standard Variable Rate and will be given a lump sum to spend how you wish. The lump sum may be as high as 5% of the value of your loan, although some may only offer a couple of hundred pounds.
Pros: The cashback could come in handy, providing a lump sum to assist you with your purchases when you move.
Cons: You may be forced to repay the whole amount if you want to pay your mortgage off or switch lender within the first few years. The bigger cashback deals generally have higher redemption penalties should you wish to move to another mortgage provider. The rate of interest you will be paying is typically higher than the best discounted deals.
Telephone
01580 880529
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07498278634
Address
Cobbers Hollow, Robertsbridge, East Sussex, TN325E
