What are the different types of cashback mortgages?

All cashback mortgages are similar in structure. They offer a sum of money in addition to the amount required on a mortgage in order to put some additional cash in a buyer's pocket. There are two main types of cashback mortgages within this structure: loans for first-time homebuyers and loans that provide incentive to borrow. Loans to first-time home buyers may offer cash back because first-time buyers have unique needs. They typically face more up-front costs to furnish a home, and they often lack the financial resources to cover these costs in addition to a down payment. For buyers purchasing a second or subsequent home, cashback mortgages exist to provide additional incentive to borrow.