It also introduces cashback on all homebuying products
Fintech lender MPowered Mortgages has unveiled reduced rates on its two- and five-year fixed rate product offerings, accompanied by the introduction of cashback benefits on all homebuying products.
The lender has implemented rate reductions of up to 25 basis points (bps), bringing purchase-only rates down to a starting point of 4.13%.
We're bringing you more in 2024!
— MPowered Mortgages (@mpoweredsocial) January 4, 2024
Our latest product range is live now, with competitive cashback options available and rates reduced by up to 0.25% 🙌
Plus, 2-year rates starting from 4.54% and 5-year fixed rates from just 4.13% 🌟
Register today:https://t.co/Y8aPCnc24e pic.twitter.com/xU2vsGs6My
“We are really pleased to be able to bring out new lower rates so early in 2024 and pass on the reduction in swap costs so quickly to our customers,” stated Matt Surridge (pictured), sales director at MPowered Mortgages. “We appreciate that it is a very tough market out there, and that is why we are delighted to be able to extend our cashback to our entire range to help with moving and remortgaging costs.
“We have listened to what our borrowers want, and while headline rates are very important, many of our customers also asked for upfront assistance. A £500 or £1,000 cashback helps with immediate costs, and on a two-year fixed rate for a loan of £200,000, £500 is the equivalent of an additional 10-plus bps of rate reduction.”
Nicholas Mendes, head of marketing at independent mortgage broker John Charcol, meanwhile lauded MPowered for reacting to favourable market conditions and passing on quickly to consumers.
“MPowered do what they do best, continually pushing the high street lenders further,” Mendes remarked. “Five-year fixed rates starting from 4.13% will be an eye opener and certainly push the debate further of when we can expect more lenders offer a sub-4% rate.”
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