MPowered Mortgages, has expanded its prime residential offering with the launch of 7- 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.
In addition, the mortgage provider has also introduced rolling end-dates across its entire residential offering of 2-, 5-, 7- 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, 2-, 5-, 7- or 10-year period from completion is a different approach to most mortgage lenders, which typically offer mortgages to a fixed end date.
This can mean uncertainty for borrowers as to exactly what length of fixed period they benefit from if completions are delayed. With a rolling end-date, customers will always get a full fixed period of 2, 5, 7 or 10 years, ensuring that even if there is a delay, there is no customer detriment.
MPowered Mortgages’ new 7-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 7- and 10-year fixed ranges include a free valuation with a choice of arrangement fee and £500 cashback options.
MPowered Mortgages 2- and 5-year fixed rolling end-date products have initial rates starting from 3.17% and loans available up to 75% LTV.
The fintech lender, which is focused on making the mortgage application process quicker, easier and more certain for brokers and their clients, recently announced its expansion by opening a new office in Leeds as well as its new £500 cashback remortgage range.
The lender will continue to enhance its prime range to respond to the needs of homebuyers and remortgagers.
Emma Hollingworth (pictured), distribution director at MPowered Mortgages, said: “At a time when mortgage rates and the cost of living continue to rise, it’s crucial that lenders are responding to the needs of homebuyers and supporting them through this challenging time for purchasing a home.
“This is why we have launched our new 7- and 10-year fixed rates and rolling end-date products which are both 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.
“At MPowered Mortgages, we remain committed to both improving the homebuying journey and providing homebuyers with products that best meet their needs. ”
