The timing of your mortgage cashback depends on the details in your mortgage offer, but here's a general idea of what to expect:
After Completion:
Once your mortgage completes and everything has been processed, the cashback is usually paid out. This can take anywhere from a few days to a few weeks, depending on your lender.
Conditions for Cashback:
Some lenders may have a few conditions to meet before releasing the cashback, such as:
Staying on the mortgage for a certain period (e.g., 6 months or a year)
Setting up regular mortgage payments via direct debit
Keeping the mortgage in place without making major changes
How Cashback is Paid:
Cashback is typically paid directly to your bank account, but some lenders might credit it to your mortgage account. Be sure to check your mortgage offer to know exactly how it will be paid out.
If you're waiting for your cashback and it seems to be taking longer than expected, it’s always a good idea to reach out to your lender. They’ll be able to update you on the status and make sure everything is in place!