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Why Choose Us

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5-star reviews on Google
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years we have been as independent mortgage and protection brokers
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customer satisfaction for finding the best deals on the UK market
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total donated to various charities

Why Choose Ascot Mortgages

0 %
5-star reviews on Google
£ 0
total donated to various charities
0
years we have been as independent mortgage and protection brokers
0 %
customer satisfaction for finding the best deals on the UK market

Navigating the world of mortgages can be complex, with a wide array of deals, rates, and terms to consider. One intriguing option that many UK homebuyers and homeowners find attractive is the cashback mortgage. Today, we’ll delve into everything you need to know about this particular type of mortgage.

What Our Clients Say About Us

5.0 Based on 143 reviews from review us onFlora R. ★★★★★ I worked with Richard (Protection Adviser) for a couple of days to sort out life and critical illness insurance. Absolutely brilliant, he found me and my husband the perfect policy. Very knowledgeable and easy to get on, he definetely makes things easy to understand. Thank you for the great service provided.Debbie P. ★★★★★ Cannot speak highly enough of Ascot Mortgages who have helped me on my journey over the last seven years. They have made the dream property possible twice. Thank you to Alison, Jardelle and all the team. I am very grateful.Areti D. ★★★★★ Absolutely thrilled with the exceptional service provided by Ascot Mortgages Ltd and especially by Natalia Barry! Even though our home purchase hasn't been completed yet, we couldn't wait to share our positive experience. From the moment we reached out, their professionalism and expertise shone through, making the daunting process of securing a mortgage a breeze.Not only did Natalia navigate the intricacies of the mortgage market with finesse, but they went above and beyond by suggesting other high-quality services, including solicitors and insurance providers. This comprehensive approach is making the entire home-buying journey seamless and stress-free.Natalia took the time to understand our unique needs and financial situation, ensuring that the options presented were tailored perfectly.Communication is prompt and clear throughout, leaving us feeling informed and confident at every stage. Natalia had our best interests at heart, going the extra mile to secure a fantastic mortgage deal.We cannot recommend Ascot Mortgages and Natalia highly enough. If you're in need of mortgage assistance, look no further. With their expertise and dedication to client satisfaction, you're in the best hands possible. A huge thank you to Natalia for making our home-buying experience a dream come true!Ashley Cox 1. ★★★★★ Would 100% recommend. Myself and my partner are currently going through the mortgage process as first time buyers. Natalia Barry has dealt with our application from day one. She has always been on hand to help, informative throughout and reliable when we have had questions. She has given us several options and broken them down into simple terms to help us. Natalia has truly been exceptional who deserves every bit of credit. We certainly got lucky having her as our first mortgage consultant.Dominik S. ★★★★★ Alison and the Ascot Team are excellent. I have used them for 5 years now and they deliver the most competitive mortgage deals fast. Just what I need. Thank you!Eric T. ★★★★★ We have dealt with Ascot Mortgages twice. Once for a mortgage about eleven years ago and recently for life insurance.In both cases we were treated with the utmost respect and professionalism.In the case of the life insurance application, we considered ourselves to be problem customers because of our age and numerous health issues.Richard Johnson, who managed this application couldn't have been more helpful.He worked in our best interest and was dedicated to providing an excellent service.We were kept up to date through all of the stages of the application and when our doctors were very slow in producing medical reports for the insurance company he persisted where others might have given up.The service we had from Richard was pleasant and professional throughout some difficult stages.My wife and I have no hesitation in recommending Ascot Mortgages.Zack R. ★★★★★ Having dealt with Ascot Mortgages and Alison for many years now I can say that you wont find a more professional, knowledgeable and efficient company to help with your mortgage. Alison is patient and makes the whole process seem easy. She has the answer to any question you have and seems to genuinely care. I can not recommend enough. I am sure I will be using Ascot Mortgages for years to come.Umair Z. ★★★★★ It has been a fantastic experience to work with both Phil and Jardelle at Ascot Mortgages to secure a mortgage product for my first home. Phil made the mortgage process smooth and easy. They are professionals and know what they are doing. Very pleased with the service and communication. would highly recommend them.Hello at NLP West M. ★★★★★ I needed a buy to let re-mortgage. Ascot were efficient from start to finish. I can recommend them completely especially because they can search the whole spectrum of mortgage lenders and meet the clients needs. never waiting for staff to get back and always kept me in the loop.Onohomen O. ★★★★★ ZHOU J. ★★★★★ It has been a brilliant experience to work with both Phil and Jardelle at Ascot Mortgages to secure a great mortgage product for our next home. Given how challenging the current market is, they have done a fantastic job to meet our needs with their expertise, professionalism and effectiveness. We would highly recommend their services to whom seeks help with their property purchase.Nicholas S. ★★★★★ Fantastic service. Ellie and Jardelle were always quick to reply to any queries and very helpful throughout the process. Highly recommend!Stacey S. ★★★★★ Jason was brilliant to work with! Always on top of the transaction! Would highly recommend 👍Scott ★★★★★ Although I've not bought anything yet, they (Jason in particular) have been super helpful in my search for the right mortgage deal, whilst also giving an honest opinion during these difficult times. Would highly recommend.Sandra I. ★★★★★ Fantastic from start to finish! Natalia and Jason found me the best rate for my remortgage and they were extremely efficient! Best service I’ve ever received from a brokerage company. Thanks so much.Virmantas N. ★★★★★ Amazing service and great communication. Ellie Morgan had quickly completed all requests and over delivered all expectations.Highly recommended for those who want to get the stuff done without any delays!David W. ★★★★★ I have used ascot for 3 renewals since they done helped me with my purchase which was complicated and will continue to use them going forward. Very fair prices and very helpful and knowledgeable even with just general information.Adam B. ★★★★★ Natalia made life very easy for us when remortgaging. Third time using ascot always a breezeTaff G. ★★★★★ Ascot Mortgages have been brilliant. Easy to work with and incredibly helpful. I am always happy to recommend them. Natalia and Jason have made the whole process much easier than I was expecting. Excellent service.Daryl L. ★★★★★ We've had a fantastic experience with Natalia Barry and Jason Jones at Ascot Mortgages for our property purchases and refinancing. Their expertise, coupled with genuine care and understanding of our needs, made the process smooth and stress-free.They were consistently communicative, keeping us informed at every step. Their assistance in consolidating our protection cover was invaluable, simplifying what could have been a complex process.What set them apart was their personal touch – always polite and ready to pick up the phone for a chat. This level of personal engagement is rare and much appreciated.In short, Natalia and Jason are not just skilled professionals but also truly dedicated to their clients. We highly recommend their services to anyone in need of mortgage advice.Sarah A. ★★★★★ I have used this firm for several years and they have always been super helpful and supportive, attentive and resolved issues in really useful ways. Shout out to Alison, Ellie and Jardelle (and the team!)Georgia W. ★★★★★ We worked with Ellie to secure our mortgage and protection, and she was a dream! Being a first time buyer, I was quite clueless about the process, and in a time where mortgage rates have been quite high, she worked right til the end to make sure we were getting our mortgage at the best possible rate and was always available to answer all questions I had. Can't recommend enough 🙂Richard D. ★★★★★ Laura S. ★★★★★ As a first time buyer, trying to navigate through potential mortgages was a very daunting thought. Ascot Mortgages were recommended to me and I've been extremely happy with the service provided. They have guided me through every step and I finally have a mortgage. Very pleased and would recommend.Lucy B. ★★★★★ Having Phil as my mortgage advisor was great from the very start! He is down to earth and speaking to him was always a pleasure. The kindness, compassion and support I have been given all the way through what can be a stressful process was immeasurable. Phil and Jardelle worked as a solid team and was able to make me feel at ease all the way through buying my first home. The team were always available and the communication between everyone was always clear and I felt safe in the hands of the company as a whole. Thank you for helping me buy my first home!js_loader

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

04.10.2023

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

04.10.2023

What is a cashback mortgage?

Simply put, a cashback mortgage is a type of mortgage deal where the lender offers a cash bonus at the start of the mortgage term. This sum of money, referred to as ‘cashback’, is usually a percentage of the total mortgage loan. A lender might offer this incentive to attract customers and encourage them to take out a mortgage or remortgage with them. Cashback mortgages have been a part of the UK mortgage landscape for many years, with many lenders offering various mortgage cashback offers to sweeten the deal.

How does a cashback mortgage work?

Cashback mortgages operate much like other mortgage deals, but with the added benefit of receiving a lump sum of cash once the mortgage commences. The amount of cashback you can get will generally depend on the size of your mortgage and the rate offered by the lender. Typically, it’s a small percentage of the mortgage amount and will be provided once the mortgage deal is finalised.

Remember, the cashback received is not free money – it is factored into the cost of the loan, often through slightly higher interest rates or fees. As such, it’s crucial to calculate the total cost of the mortgage, including the interest rate and any associated fees, before deciding on whether a cashback offer is beneficial for you.

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Should I get a cashback mortgage?

The allure of a cash refund at the outset of your mortgage can be very appealing. However, deciding on whether to opt for a cashback mortgage deal depends on your personal financial circumstances. Cashback mortgages can provide an initial financial boost, which can be incredibly useful when dealing with moving costs, furniture purchases, or home improvements.

However, it’s crucial to consider the total repayment cost and term of the mortgage. As mentioned, cashback mortgages might come with higher interest rates or fees over the term of the loan, making them potentially more expensive in the long run. It’s essential to discuss your circumstances with an experienced mortgage advisor before making a decision.

Conditions for cashback mortgages

Cashback mortgage offers often come with certain conditions. For instance, the cashback might be linked to the mortgage term, meaning you may need to repay the cashback if you switch lenders or remortgage before the term ends. Also, as previously mentioned, cashback mortgages may come with higher interest rates or fees to offset the cash incentive provided by the lender. Always read the fine print to understand fully what you’re signing up for.

Alison Gibson

Ascot Mortgage Expert

Remortgage

Remortgaging is applied when you keep

living in your present property while applying for another mortgage deal with a new lender. Before finding out how to remortgage and get the best offers from experts like Ascot Mortgages, you have to check meeting what parameters of the deal that can help you succeed the most. The range of background factors varies a lot — from the recently changed loan-to-value ratio or your existing agreement coming to an end.

Whether you are trying to get a more beneficial deal or searching for funding to improve your home conditions, remortgaging is one of the most advantageous scenarios to consider.

Can you get cashback remortgages?

Yes, it is possible to obtain a cashback deal when remortgaging your home. Much like a standard cashback mortgage, the lender provides a cash sum upon finalising the remortgage deal. Again, it’s worth considering whether the overall costs of the cashback remortgage are advantageous over the term of the loan.

Pros and cons of cashback mortgages

There are both benefits and drawbacks to cashback mortgages. On the upside, the initial cash sum can offer financial relief when moving home or remortgaging, particularly if funds are tight. 

However, the potential downside is that the cost of the cashback is often absorbed elsewhere in the mortgage deal. This could be through a higher interest rate, increased fees, or an extended term. As a result, you could end up paying more over the life of the mortgage, negating the initial benefit of the cashback. 

In conclusion, cashback mortgages can be an attractive option for some homebuyers or those looking to remortgage. However, it’s essential to understand the full implications of accepting a cashback offer. Understanding the long-term costs and any conditions associated with the deal is paramount. As with all mortgage decisions, seeking the advice of a professional mortgage advisor is highly recommended.

If you’re considering a cashback mortgage or would like to explore the various mortgage options available, don’t hesitate to get in touch with Ascot Mortgages. Our experienced advisors will be able to discuss the ins and outs of cashback mortgages and help you determine if this is the right choice for your unique circumstances.

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FAQ

The timing for receiving mortgage cashback varies depending on your lender’s policy. Typically in the UK, the cashback is paid upon completion of the mortgage deal. It’s important to know that the payment is usually not instant and it can take several weeks post-completion for the cash to be transferred into your bank account.

Unfortunately, no. The cashback feature is linked to the mortgage product, not the individual borrowers. Regardless of whether the mortgage is held by one person or multiple people, the cashback offer applies to the mortgage as a whole and not to each individual. Therefore, for a joint mortgage, there will only be one cashback payment.

In general, yes, you should receive the cashback as long as you fulfill the terms and conditions of the mortgage offer. However, it’s crucial to understand that if the mortgage doesn’t go through to completion for any reason, the cashback is usually forfeited. Furthermore, some lenders may have specific conditions related to the cashback, so always make sure to read the fine print or speak with your mortgage advisor to understand the complete terms.

Cashback does not directly affect your loan-to-value (LTV) ratio. The LTV ratio is calculated based on the size of your mortgage compared to the value of the property you are buying. Therefore, while the cashback can be a helpful bonus to assist with other costs, it doesn’t change the ratio of how much you’ve borrowed versus your property’s value. That being said, your LTV could impact the amount of cashback you’re eligible for, as some lenders may offer more attractive cashback deals for lower LTV mortgages.

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