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How To Work Out Mortgage Cashback Offer

Money : Mortgages

If you get a mortgage cashback offer, then how do you work out the actual value of the offer?

All you do is this simple calculation:

Divide cashback by length of redemption penalty. Then take this away from the SMR (standard mortgage rate).

The result is the true value. So for instance 5% divided by five years means 1% reduction on the usual variable rate.


By: Fred

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