With cash back mortgages once the mortgage is finalised you will receive an agreed lump sum (cash back). This type of mortgage has proved very popular with first time buyers as it gives them cash when they most need it. Mortgage lenders may offer a sum of money towards the cost of legal fees or survey charges.

The cash back sum can be a set amount, £500 to £2000 or a percentage of the mortgage. Purchasing a home is an expensive business, so this cash injection can be very useful.

Cash back mortgages offer the obvious short term advantage to borrowers, but with this type of mortgage you often have an extended tie-in period for a number of years.

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