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. Amount The size of the lump sum is dependent on the size of the mortgage and is usually offered only on certain mortgages in a mortgage lender's range. Cashback on mortgages is popular with first time buyers, who put the cashback towards buying furniture , as these types of buyers often do not have any surplus funds after paying the deposit on their new home. See also * Equity loan A home equity loan is a type of loan in which the borrowers use the Home equity, equity of their home as collateral (finance), collateral. The loan amount is determined by the value of the property, and the value of the property is determined by ... Mortgage LoanReverse Mortgage Cashback and rebate Mortgage {{fin-stub ...
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Mortgage Loan
A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is " secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or " repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word ''mortgage'' is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form ...
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United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands within the British Isles. Northern Ireland shares a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between the Kingdom of England (which included Wales, annexed in 1542) and the Kingdom of Scotland in 170 ...
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Equity Loan
A home equity loan is a type of loan in which the borrowers use the Home equity, equity of their home as collateral (finance), collateral. The loan amount is determined by the value of the property, and the value of the property is determined by an appraiser from the lending institution. Home equity loans are often used to finance major expenses such as home repairs, medical bills, or college education. A home equity loan creates a lien against the borrower's house and reduces actual home equity. Most home equity loans require good to excellent credit history, reasonable loan-to-value and combined loan-to-value ratios. Home equity loans come in two types: ''closed end'' (traditionally just called a home-equity loan) and ''open end'' (a.k.a. a home equity line of credit (HELOC)). Both are usually referred to as second mortgages, because they are secured against the value of the property, just like a traditional mortgage. Home equity loans and lines of credit are usually, but n ...
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Cashback And Rebate
Cashback may refer to: * ''Cashback'' (film), two films directed by Sean Ellis * Cashback reward program, a small amount paid to a customer by a credit card company for each use of a credit card * Cashback website, a site where customers can earn cash rebates on online purchases that they make * Debit card cashback, cash that shoppers receive along with their goods when paying by debit card * Mortgage cashback, a lump sum given to a new borrower at the beginning of a mortgage term See also * * Rebate (marketing), a sales promotion where customers receive money back after a purchase * Loyalty program A loyalty program is a marketing strategy designed to encourage customers to continue to shop at or use the services of a business associated with the program. Today, such programs cover most types of commerce, each having varying features and ...