5% Cashback Magic

5% cashback mortgages are the Rodney Dangerfield of lending—they get no respect. Critics pan their higher rates and the fact borrowers have to pay back the cash rebate (typically pro-rata) if they break the mortgage early.

Yet, for the right borrower, these maligned products are a sleeper hit. In fact, cashback mortgages are probably undersold. Here's why.

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