It aims to reduce costs amid increasing financial pressure on homebuyers
MPowered Mortgages has announced the launch of a new range of cashback products, aiming to reduce the overall cost of buying a home at a time when there is increasing financial pressure on homebuyers due to the rising cost-of-living, as well as increasing mortgage rates.
The lender is offering £500 cashback on remortgages up to 75% LTV.
The cashback will be paid on completion, with no completion fee, and the money could, for example, be used as a contribution towards solicitor costs.
Rates start from 2.80%, and on top of this, the full cashback range comes with no application costs and free valuations.
MPowered Mortgages, backed by Barclays, Citigroup’s SPRINT, and M&G Investments, recently announced the launch of its prime-residential mortgage range.
Read more: MPowered Mortgages enters prime residential mortgage market.
Powered by AI, data science and machine learning, the MPowered platform can make the mortgage application process quicker, easier, and more certain.
Emma Hollingworth, distribution director at MPowered Mortgages, expressed excitement over the launch of the new range of cashback products, which adds to the existing range of established mortgage products.
“With the cost-of-living and mortgage rates continuing to rise, our new products are aimed at helping the remortgage process become more cost effective for a customer during this period of economic uncertainty,” she said.
“We strongly believe that we, as an industry, need to continue to innovate, improve, and enhance both the product and the service we offer homebuyers to ensure we are best meeting homebuyers’ needs in this fast-changing market.”
