Get even more money from your mortgage

A cashback mortgage can be a boon if you're buying a property that needs some work, or if you need to buy bits and bobs. However, there's no such thing as free cash so expect higher penalties if you move your mortgage. You might even have to pay the cashback back.

With a cashback mortgage, you get cash from the lender when the mortgage process is complete. It's an attractive idea especially for first time buyers because it means you can use the money to pay off legal fees, to carry out home improvements or buy essential items for your new home.

Is there a catch? Of course there is. Depending on the lender, a cashback mortgage is likely to have extra terms and conditions. You might be locked-in for a longer period than with other mortgages, the penalties for moving your mortgage could be higher, and if you do switch mortgages you might have to repay the amount you were given as a cashback.