This is attractive to the first time buyer but the lump sum offered by the Mortgage
Lenders may be outweighed by the fact that the mortgage to which the cash back is
linked is not usually on fixed or discounted interest rates.
Many Lenders may also request that once the agreed term has expired, the Borrower
agrees to take the standard variable rate meaning that you are unable to secure
a further deal for some time.
NB: Again check out the early repayment charges.
It must be noted that YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS
ON YOUR MORTGAGE.