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.
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