Mortgage Cashback

firsttimeworrywart

Has anyone else received cashback from taking out their mortgage? We're due to exchange/complete by Friday this week and part of our mortgage deal was £300 cashback upon completion.. wondering if anyone knows how this will be paid out, has anyone else has any experiences of it?

kingstreet

It varies from lender to lender.

It will be shown on your illustration and your offer. For example, it could be paid to your solicitor with the mortgage funds, or it could be paid into the account from which your payments are taken just after you make your first payment.

[Deleted User]

Echo kingstreet's comments

The most common methods are as part of the mortgage advance to the solicitor or paid direct to the account the DD is being paid for within x number of days of completion

If its paid to the solicitor it should show on the completion statement

firsttimeworrywart

Thanks both.

I've just had a good search through our offer pack and I think it looks like the cashback will be paid to the Solicitor and then they can transfer it to us after completion.

I hope getting those funds transferred isn't as difficult as it has been to get the actual purchase to go through!

[Deleted User]

Is it not showing on the completion statement from the solicitor? Should show on there as part of the advance and effectively reduce the amount you need to send for fees etc

sal_III

Mine was paid by Nationwide to the nominated account where the DD for the monthly payment is setup, About a month after completion.

chelseablue

sal_III wrote: »

Mine was paid by Nationwide to the nominated account where the DD for the monthly payment is setup, About a month after completion.

Same with us with Nationwide