Recently I noticed many people taking a cashback mortgage. There are several things to be taken care of before taking such a mortgage. Of course, it has a lot of advantages, but if selected without taking much care on the financial status and payment schedules, it may harm you to a large extent.

These are the main factors you should be looking in detail:
1. Penalties of breaking the mortgage payments
2. Cost of borrowing the money. Sometimes, the monthly payment and interest would be lower but the cost will be high!
3. Calculate all the miscellaneous cost of the mortgage.
4. Check if there is any restriction with registering for another mortgage

If all the conditions are favorable to you, then you can think about a cashback mortgage.
Good luck
Thanks!