Mortgage cashback

Some mortgage lenders, particularly in the United Kingdom, give a one-off lump sum payment to new borrowers at the beginning of a mortgage.

Called cashback, this lump sum is often marketed as free cash, but it is in fact funded by the mortgage interest paid by the borrower.

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.