It also reduces rates of selected two- and three-year fixes
MPowered Mortgages has launched a new range of 90% loan-to-value (LTV) mortgages, expanding its suite of prime residential products.
The lender’s new 90% LTV products are available on loan sizes from £50,000 and include two-, three-, and five-year fixed rate options. All applications benefit from a free valuation.
For a limited time, the new range also offers £500 cashback for purchases and £1,000 cashback on remortgages as part of MPowered’s current cashback boost incentive, subject to a minimum loan size of £200,000.
In addition to launching new mortgage products, the fintech lender also lowered rates by up to 0.05% across selected offerings in its two- and three-year fixed range and extended its cashback boost offering across the three-year range. A new £0 arrangement fee option on its three-year range for remortgages was also introduced.
“With mortgage rates and the cost-of-living continuing to rise, getting on the ladder is becoming harder for first-time buyers as finances are being squeezed further,” commented Emma Hollingworth (pictured), distribution director at MPowered Mortgages.
“In the coming year, there is an expectation that an increasing number of buy-to-let landlords will choose to sell their properties. This situation presents pockets of opportunities for first-time buyers to enter the market, as these properties are likely to re-emerge at lower prices.
“We’re aware of the barriers that both these first-time buyers, and other home movers, are continuing to face when saving for deposits. Therefore, we are pleased to expand our prime residential offering with a new range of 90% LTV products, designed to support homebuyers and help them purchase a property that best meets their criteria for space and location.”
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