A cash back mortgage is a home loan that may pay you a lump sum or refund after you draw down the mortgage, usually calculated as a proportion of the amount borrowed. The payment may come with conditions, such as staying with the lender for a set period, and could be affected if you switch or repay the mortgage early. A higher interest rate, fees or other costs may reduce the value of the cash back, so compare the overall cost rather than focusing only on the initial payment. Check the current terms directly with the lender and consider independent advice before deciding.