It also reduces rates by up to 20 basis points on selected two- and three-year fixes
Fintech lender MPowered Mortgages has expanded its cashback incentive to include a range of products with fees at up to 85% loan-to-value (LTV).
The company now offers a 0.3% cashback option across its purchase products with a fee, as well as its Legal Assist range tailored for customers seeking to remortgage up to 85% LTV.
MPowered claims to be the only lender in the market providing a cashback percentage that scales with the loan amount, reflecting the borrower’s borrowing volume. The cashback incentive was launched earlier this month.
In addition to broadening the cashback scheme, the company has also announced rate reductions of up to 20 basis points on selected two- and three-year fixed rate products.
New ranges and rate reductions 🎊
— MPowered Mortgages (@mpoweredsocial) January 29, 2024
⭐ Legal Assist plus 0.3% Cashback Remortgage Range
⭐ An expanded 0.3% Cashback Purchase Range
⭐ Up to 0.20% reductions on 2- and 3-year fixed rates
Register today: https://t.co/fOQqyJX0Do#mpoweredmortgages | Intermediaries only pic.twitter.com/yZUCuLiKYg
“The launch of our variable cashback products has been received well by the market, so making more products available was a no-brainer for us,” Matt Surridge (pictured), sales director at MPowered Mortgages, said. “It further reflects MPowered’s mission to transform the mortgage process to make the housebuying journey as easy as possible for borrowers and brokers alike.
“Similarly, we are dedicated to bringing down rates wherever possible, and, unlike high street lenders, we can respond to even minor market fluctuations, enabling prompt adjustments to our products. Our continual ambition is to provide flexibility to ensure that every homebuyer can find the right product for them.
“Looking forward, we will continue to listen to brokers and to enhance, develop and expand our mortgage range in response to the varied needs of borrowers today.”
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