A "cash back mortgage" is where a lender offers cash back when the mortgage is taken out. Once the mortgage has been completed, the lending company pays an agreed percentage of the amount borrowed back to you as a cash lump sum. Remember that nothing comes for free and the larger the cash back amount is the more number of strings are likely to be attached to the contract. Such examples are that you might be tied to that particular lender for many years or face high redemption penalties should you wish to redeem your mortgage early or move to another lender. However, dependent upon your circumstances cash back mortgages can be very useful tools.
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