MPowered Mortgages, the fintech mortgage lender, has today increased cashback on 5-year products, whilst also reducing rates on 2-year fixed products, in bid to support borrowers facing ongoing financial pressure as the cost of living increases.
Across all 5-year fixed products, cashback has been boosted by £500 – bringing the total cashback reward to £1,000 on every remortgage case, and £500 on every purchase case. Loans are available from £200,000 up to £1.5m, with rates starting from 4.13%.
On its prime 2-year fixed products, MPowered Mortgages has now simplified its range with one rate up to 85%, on its £0 fee, £999 fee and £1,999 options. Rates now start from just 4.64% for purchase cases, on – down from 5.13%, from 4.74% for £999 fee cases and from 4.90% for £0 fee purchase options.
For consumers looking to remortgage, MPowered Mortgages has also reduced their two-year remortgage fixed-rates. For a 2-year fixed product without an arrangement fee, rates now start at 5.04% for remortgage products at 85% LTV. Additionally, remortgage products with a £999 arrangement fee and £1,999 arrangement fee respectively have been reduced to 4.94% and 4.84%.
Emma Hollingworth, managing director of mortgages at MPowered Mortgages, said: “With the ongoing uncertainty in the mortgage market, it is important we continue to support consumers during the process of making one of the biggest and most impactful financial decisions of their lives.
“MPowered Mortgages is committed to easing the financial pressure on those looking to buy a home or remortgage at this time, whilst offering as much flexibility and choice as we can, in order to ensure that consumers are able to access the best product for them.”
