It also reduces two- and 10-year purchase rates
Fintech lender MPowered Mortgages has launched a range of remortgage legal assistance products which cover standard legal fees for remortgages on registered land, along with a free valuation.
According to the lender, the new range of remortgage legal fee assistance products will mirror the existing remortgage cashback products, allowing borrowers the option of either support by covering the costs of standard remortgage legal work when using the lender’s selected conveyancers, or the option of a cashback paid on completion when using their own conveyancers. Both options come with a free valuation.
For borrowers to qualify for a remortgage legal fee assistance package, the property must be valued at less than £2 million, been occupied for the past 12 months and involves no shared ownership or transfer of equity. For flats or apartments, additional requirements apply.
Remortgage Legal Assist has landed! 🏡
— MPowered Mortgages (@mpoweredsocial) November 14, 2023
We're now offering legal fee assistance on remortgage products, complementing our already competitive remo cashback products.
Learn more about Legal Assist: https://t.co/ATuVVwwzd2
Intermediaries only. #remortgage #mpoweredmortgage pic.twitter.com/EBOCh1l7nn
Two-year remortgage legal assist products start at 5.61% for those looking at a 60% loan-to-value (LTV) product with a £999 arrangement fee. Rates increase to 5.66%, 5.76%, and 5.81% for 75%, 80%, and 85% to 90% LTV products, respectively. For those not looking to pay an arrangement fee on two-year remortgage legal assist products, rates start from 5.72% for a 60% LTV product.
Three-year remortgage legal assist rates for those looking to pay an arrangement fee start from 5.15% for a 75% LTV product with a £1,999 fee, increasing to 5.40% and 5.60% for 85% and 90% LTV products, respectively. For those looking to pay a reduced £999 arrangement fee, rates begin at 5.25% for 75% LTV, with 85% and 90% LTV products priced at 5.50% and 5.70%, respectively.
For borrowers looking to lock in a three-year fixed remortgage product without an arrangement fee, rates begin at 5.49% for a 65% LTV product, with 75%, 85% and 90% LTV products priced at 5.59%, 5.74% and 5.94%, respectively.
Five-year remortgage legal assist rates for those looking to pay an arrangement fee begin at 5.14% for 75% LTV with a £1,999 fee, rising to 5.19% and 5.40% for 85% and 90% LTV, respectively. For those with a reduced £999 arrangement fee, rates begin at 5.19% for a product at 75% LTV, with 85% and 90% LTV products priced at 5.24% and 5.44%, respectively. For five-year fixed remortgage product without an arrangement fee, rates begin at 5.34% for a 75% LTV product, with 85% and 90% LTV products priced at 5.39%, 5.59% respectively.
The longer term 10-year fixed remortgage legal assist product rates begin at 4.89% with an 85% LTV for those looking to pay a £999 arrangement fee. For those without an arrangement fee, rates start at 5.09%. The same rates apply for those looking to receive a £500 cashback on their 10-year fixed remortgage product.
Meanwhile, MPowered has also reduced rates across a portion of its two-year products, with rates for purchase now starting from 5.59% at 90% LTV with a £999 arrangement fee. Fee-free rates for 90% LTV products now start at 5.87%.
The lender has also reduced rates across its 10-year products, with rates on purchase loans now starting from 4.89% for the 85% LTV product with a £999 arrangement fee, and 5.09% for the fee-free ones.
“We are always looking for ways to support borrowers during what is a challenging time to have a mortgage, which is why we are offering free standard legals and vals via our legal assistance range,” stated Matt Surridge (pictured), mortgages sales director at MPowered Mortgages.
“Similarly, we continue to place an emphasis on keeping rates as affordable as possible for borrowers, despite inflationary challenges and ever-evolving swap rates. Reducing rates across our two- and 10-year is proof of our continued support for homebuyers, home movers, and those looking to remortgage, as they navigate the challenges presented by the cost-of-living crisis.
“As ever, seeking independent professional advice is critical for those looking to buy or remortgage at this point in time. Brokers can help borrowers access and understand the products most suited to them, allowing them to make an informed decision when it comes to their mortgage.”
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