Hi,
I saw an ad from Chelsea about a mortgage where you can have 6% cashback. How does it work? Are mortgages with cashback worth the cashback, or are you a hassle eventually?
Thanks Simulet
- posted
20 years ago
Cashback on Mortgage
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- posted
20 years ago
Not commenting on that one in particular but usually the cashback is actually a discount that you will pay back over time. In one example you get back 6% in cash, but you are locked in for 8 years. You get 2 years at a low rate and 6 years at a far less competetive one.
Of course all offers will vary but the end result is usually cash now in return for higher rates later.
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- posted
20 years ago
In principle you're right but I it isn't usual to be tied for 8 years.
Tim