cashback mortgage

zonecrew

i am looking to buy a house but only have about 1500 pounds in my savings account, i could probably lend the rest of the deposit from parents, but only if i can prove that i can pay it back asap

i have heard about cashback mortgages, are they any good and are there any that pay cashback to 1st time buyers and on day one of the mortgage (rather than at the end)

hairy_cornflake_2

Cashbacks are ok if you need a lump sum right at the start of the mortgage - as in your case.

Most deals are on a variable rate, although some fixed rates are also available.

The typical cashback is 6% or 7% of the amount borrowed - would this be enough??

The real issue of course affordability - can you afford it now or would you be better saving for deposits, costs etc.

My advice would be to seek at an independent mortgage broker who can assess your needs more fully than I can here. They can also work out the maximum you can borrow, the costs and help you with everything else involved in buying a property.

You could even discuss guarantor mortgages - which may be another avenue for you.

Best of luck