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Mortgage with cashback?
redapple1
Posts: 93 Forumite
The mortgage we have offers cashback.
In the offer it states it is sent to the conveyancer on completion.
Anyone have any experience of this? Is it done the day of completion or much later?
Thanks.
In the offer it states it is sent to the conveyancer on completion.
Anyone have any experience of this? Is it done the day of completion or much later?
Thanks.
0
Comments
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Have you asked your lender?0
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When I did it 12 years ago it was on the day of completion. In fact I used the 4% cash back as part of my 5% deposit. I guess it just came through along with the mortgage funds themselves.
But that was 12 years ago. Things are different now, so as Andy says it's best to check.0 -
It will be sent to your solicitor on completion day with the mortgage funds. The solicitor will use it towards your other fees and costs, so you'll end up paying the solicitor less.
Some pay after completion by cheque. If they do that, they tell you they do that.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Yes I have asked the lender (twice!)
They said it is paid to the solicitor upon completion (twice) and gave me no more info.
Essentially it is the same figure as our stamp duty (well £100 less) so I was wondering if I could use it for that really. We have the stamp duty money here anyway of course but seemed daft to transfer it to solicitir for them to transfer back.0 -
The terms of the cashback payment will be shown in your mortgage offer.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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It states 'cashback will be sent to your conveyancer upon completion of your mortgage'.0
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Post #4 then.It states 'cashback will be sent to your conveyancer upon completion of your mortgage'.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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