MPowered Mortgages has today launched a cashback incentive that scales with loan size, on all loans up to a maximum size of £1.5m.
Borrowers can now benefit from a cashback of 0.30% on their loan, earning up to a maximum of £4,500, unlike traditional products that offer a fixed cashback regardless of the loan size.
The new product starts with a 5-year fixed rate of 4.28% at 75% loan-to-value (LTV), inclusive of a £999 arrangement fee, and a rate of 4.38% at 80% LTV.
MPowered Mortgages also assures borrowers that the cashback will not be reclaimed should they decide to repay the mortgage early within the fixed rate period.
Stuart Cheetham, CEO of MPowered Mortgages, said: “We are excited to be the only mortgage lender to offer cashback as a percentage of the loan size.
“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.”
