Mortgage Cashback Timescale?

pearsforlife

Hi all,

Recently completed on a Barclays mortgage that had a cashback incentive to help offset some additional legal costs - does anyone know what the rough time of payout is? It said ‘on completion’ but that’s come and gone so? Does it go into the account of the mortgage payer or is just deducted off the total mortgage debt? 

Thanks!

penino

It’s paid to your solicitor with your mortgage funds so would have just been deducted from your fees you paid to the solicitor.

pearsforlife

I thought that but it wasn’t, we had free legals/free valuation and then I paid £240 up front for a deed of Postponement as that was not included in free legals. I read somewhere that it could be within 28 days of completion? 

pearsforlife

Still no sign, strange! 

Thrugelmir

When did you complete? 

pearsforlife

Last week, I have tried calling but finding someone who knows about this sort of thing has proved hard work. We had leftover funds from completion sent to us the same day by the solicitor but that didn’t include any Cashback, that was just the difference in our mortgage offer and the redemption figure.

Just hoping the solicitors havnt ‘swizzed’ it haha! 

kingstreet

I can't remember a Barclays product with a cashback; but if you take Nationwide's process as an example, the cashback is paid into the account from which the first payment is made, a couple of days after that first payment.

pearsforlife

Anyone who happens to want answers to the same question, they paid the Cashback into my current account (mortgage account) today! 5 working days after completion! That’s Christmas paid for