Two-year fixed rates are also reduced
Fintech lender MPowered Mortgages has increased cashback on five-year products, while also reducing rates on two-year fixed products, aiming to support borrowers facing ongoing financial pressure due to rising costs of living.
Across all five-year fixed products, cashback has been increased by £500 to £1,000 on every remortgage case, and to £500 on every purchase case. Loans are available from £200,000 up to £1.5 million, with rates starting from 4.13%.
On its prime two-year fixed products, the lender has now simplified its range with one rate, up to 85% loan-to-value (LTV), on its £0 fee, £999 fee and £1,999 options. Rates now start from just 4.64% - down from 5.13% for purchase cases, 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 its two-year remortgage fixed rates. For a two-year fix without an arrangement fee, rates now start at 5.04% for remortgage products at 85% LTV. Remortgage products with a £999 arrangement fee and £1,999 arrangement fee have been reduced to 4.94% and 4.84% respectively.
“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,” remarked Emma Hollingworth (pictured), mortgages managing director at MPowered Mortgages.
“We are committed to easing the financial pressure on those looking to buy a home or remortgage at this time, while offering as much flexibility and choice as we can, in order to ensure that consumers are able to access the best product for them.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter.