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Cashback mortgages can be ideal for first time buyers and those who have very little money to cover the various costs in obtaining a mortgage. Cashback mortgages allow you to borrow up to 90% of the value of the property with the cashback being used to cover the deposit or other costs such as legal fees, higher loan to value fees or stamp duty. Most lenders will pay the cashback after completion of the mortgage, although in some cases it is possible to have the cashback paid at the same time as the mortgage advance, enabling it to be used as the deposit.
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In recent years cashback mortgages become less popular, and were largely replaced by 100% mortgagesalthough during times of financial turmoil 100% mortgage are generally removed from the market.