Cashback 'incentive'... Now or in 30 years?

alberto2012

Hi all,

Sorry if I am asking a silly question, Im just getting to grips with this whole mortgage stuff!

On several mortgage deals there is a cashback incentive which states "£500 cashback on completion"...
Which I presumed was from the £900 arrangement fee...

Now I may be overthinking this, but does that mean on completion of taking out the deal, after the paperwork is completed...

OR is it on completion of the mortgage i.e. after 30 years???!

Hope someone can help

cheers

Lavendyr

It sounds as though it is on completion of the house, i.e. when your house sale completes they will give you £500 cashback.

alberto2012

Lavendyr wrote: »

It sounds as though it is on completion of the house, i.e. when your house sale completes they will give you £500 cashback.

Hope so...

catwoman73

It sounds as though it is on completion of the house, i.e. when your house sale completes they will give you £500 cashback.

This is correct - there's two stages to house buying - exchange of contracts, when you're committed to the deal, and completion which will happen within a few days, which is the day you formally own the house and can move in