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Author what is cash back?
gavin18787
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Registered: 22nd Feb 05
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9th May 12 at 20:54   View Garage View User's Profile U2U Member Reply With Quote
So if you ask for cashback at a till in a supermarket you get cash like if you go to a cash machine.

But im in the process of taking out a mortgage and one of the benifits is £250 cash back on conpletion. is this something different?

Sorry for sounding dumb

Drives supercharged Tec with torque
thegsi
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9th May 12 at 20:55   View User's Profile U2U Member Reply With Quote
Yeh exactly. If you buy something for £3.44 and have £10 cash back, they give you the cash out the till and you get £13.44 debited from your account.

Edit: Cash back on your mortgage will probably be something different? Maybe a £250 discount on your mortgage over 200 years or something daft lol

[Edited on 09-05-2012 by thegsi]
willay
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9th May 12 at 20:59   View Garage View User's Profile U2U Member Reply With Quote
£250 discount basically.
C2RL R
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9th May 12 at 20:59   View User's Profile U2U Member Reply With Quote
Haha how can someone old enough to get a mortgage not know what supermarket cash back is?
Matt L
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9th May 12 at 21:08   View User's Profile U2U Member Reply With Quote
cash back if you ask in a supermarket is as thegsi said... you pay off your card and get the cash (same as cash point).

cash back on purchases (eg credit card) = you get a % of the purchase price (ie purchase something for £10 you get £0.10 back when you pay the balance off), so you pay £10 and then get £0.10 back in your account).

cash back on the mortgage will be once you have signed up and its all completed they will send a cheque for £250 back to you (basically discount but they still charge you more and then send the cash back to you in 3 months time).
SXI - Matt
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9th May 12 at 23:14   View User's Profile U2U Member Reply With Quote
he knows what super market cash back is as he's describing it at the top, the questions about mortgage cash back which is completely different

And as Matt l said we had a similar offer sounds good but you still pay some were down the line for it

[Edited on 09-05-2012 by SXI - Matt]
Ian
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9th May 12 at 23:23   View Garage View User's Profile U2U Member Reply With Quote
Might be a gift, might be on the borrowing.
C2RL R
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10th May 12 at 06:43   View User's Profile U2U Member Reply With Quote
i barely read his post in my drunken state!
AlunJ
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10th May 12 at 06:55   View User's Profile U2U Member Reply With Quote
I got £250 in John Lewis vouchers from Bovis
Sam
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10th May 12 at 07:36   View User's Profile U2U Member Reply With Quote
In our case we didn't get any physical cash back, it was just a discount on the mortgage.
Russ
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10th May 12 at 09:47   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Sam
In our case we didn't get any physical cash back, it was just a discount on the mortgage.
so you got nothing
gavin18787
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10th May 12 at 16:04   View Garage View User's Profile U2U Member Reply With Quote
Ok ta and yer im not that bad I do know what supermarket cash back is

Just thought this cant be the same as its a bit pointless. Equired about it again today and I essentially get a cheque sent to my solicitor on completion. Dont see why I dont just get money off the fees in the first place

Drives supercharged Tec with torque
mattk
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10th May 12 at 17:37   View User's Profile U2U Member Reply With Quote
you get a cheque in the post for £250 when its all done. I did with Natwest
Sam
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10th May 12 at 18:03   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Russ
quote:
Originally posted by Sam
In our case we didn't get any physical cash back, it was just a discount on the mortgage.
so you got nothing


I hardly think £250 is "nothing".
SXI - Matt
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10th May 12 at 18:39   View User's Profile U2U Member Reply With Quote
Not noticeable on a 100k+ mortagage though won't make a difference to monthly payments ect so tbf is pretty much nothing, if you got a cheque to spend on stuff or off of solicitor fees would be better which some companys do, other wise think its bit of a gimmick tbf

[Edited on 10-05-2012 by SXI - Matt]
Mertin
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10th May 12 at 18:49   View User's Profile U2U Member Reply With Quote
I got £250 aswell but this then covers the brokers fee's (I think, cant remember exactly what fee's it was)
craig8
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10th May 12 at 19:49   View Garage View User's Profile U2U Member Reply With Quote
We had £500 cash back on completion, got a cheque for it through the door with a welcome letter pretty quickly

E36 328
Russ
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10th May 12 at 20:23   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Sam
quote:
Originally posted by Russ
quote:
Originally posted by Sam
In our case we didn't get any physical cash back, it was just a discount on the mortgage.
so you got nothing


I hardly think £250 is "nothing".
so they knocked £250 off the thousands upon thousands you will pay them interest and you never actually got the money in your hand?
gavin18787
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10th May 12 at 21:31   View Garage View User's Profile U2U Member Reply With Quote
Im happy with £250 conpared to nothing. thats a good chunk towards a new tv :-)

Drives supercharged Tec with torque

 
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