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Cash Back

A Cash Back Mortgage does exactly as it says. On completion of the mortgage, your lender will pay a percentage of the amount borrowed “back” to you as a lump sum. The higher the cash back sum paid, the greater and more complex the number of strings likely to be attached to the mortgage. It is likely that for several years you may have to pay high redemption penalties if you redeemed the mortgage. The interest rate charged is often higher with this type of mortgage