Aside from launching new fixed rate products, it also introduces rolling end-dates across its entire residential offering
MPowered Mortgages has expanded its prime residential offering with the launch of seven- and 10-year fixed rate mortgages.
With rates starting from 3.29%, free valuations, and different cashback and arrangement fee options, the new products aim to give homebuyers more choice and certainty over their mortgage payments in the long run.
The fintech lender has also introduced rolling end-dates across its entire residential offering of two, five-, seven-, and 10-year fixed rate products, meaning homebuyers will benefit from fixed mortgage payments for the full fixed period.
Offering fixed rates for the full two-, five-, seven-, and 10-year period from completion is a different approach to most mortgage lenders, who typically offer mortgages to a fixed end date. With a rolling end-date, customers will always get a full fixed period, the company states, ensuring that even if there is a delay, there is no detriment to the customer.
MPowered Mortgages’ new seven-year fixed rate products will launch with rates starting from 3.29% up to 75% LTV, while rates for the 10-year fixed rate products will start from 3.34% up to 75% LTV.
Both the seven and 10-year fixed ranges include a free valuation with a choice of arrangement fee and £500 cashback options. MPowered Mortgages’ two- and five-year fixed rolling end-date products have initial rates starting from 3.17% and loans available up to 75% LTV.
Read more: MPowered Mortgages enters prime residential mortgage market.
Emma Hollingworth, distribution director at MPowered Mortgages, commented that lenders must respond to the needs of homebuyers and support them through this challenging time when mortgage rates and the cost-of-living continue to rise.
“This is why we have launched our new seven- and 10-year fixed rates and rolling end-date products which are aimed at providing both more certainty over monthly payments in the long run as well as enabling homebuyers to get the full benefit of the fixed rate they sign up for,” Hollingworth said.
“At MPowered Mortgages, we remain committed to both improving the homebuying journey and providing homebuyers with products that best meet their needs.”
