Borrowers can get up to £4,500 back on large loans
Fintech lender MPowered Mortgages has introduced a cashback incentive of 0.30% across all loan sizes up to £1.5 million.
This departure from conventional mortgage offerings, where fixed cashback is typically granted upon completion, distinguishes MPowered Mortgages’ product by linking cashback directly to the borrowed amount, allowing borrowers to earn more – up to £4,500 – as they secure larger loans.
MPowered said it would not recoup cashback in the event of early mortgage repayment at any point during the fixed rate period.
We're thrilled to announce our new Limited Edition 0.30% cashback option (max cashback £4,500) AND reduced rates on 5-year purchase 75 and 80% LTVs! 💸
— MPowered Mortgages (@mpoweredsocial) January 17, 2024
To access these outstanding offers, register with us today: https://t.co/R0q90NWzOt#mpoweredmortgages | Intermediaries only pic.twitter.com/jZ2a7dnfFU
“We are excited to be the only mortgage lender to offer cashback as a percentage of the loan size,” Stuart Cheetham (pictured), chief executive at MPowered Mortgages, said. “We anticipate this will be particularly attractive to Londoners and those in the South, who generally have higher loan sizes than the rest of the UK.
“When borrowers’ day-to-day expenses are rising, a percentage cashback product should enable borrowers to overcome some of the additional costs of moving home as the cashback back payment is paid to the customer as soon as they complete on the mortgage.”
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