MPowered adds cashback to homebuyer products and cuts fixed rates

Published on

MPowered Mortgages has announced rate reductions across its fixed rate mortgage range.

The lender has introduced new rates on two and five-year fixed rate product ranges and has also added cashback across its entire range.

Rates have been cut by up to 25bps, with purchase-only rates now starting from 4.13%.

The cashback offer is now on all homebuying products.

Matt Surridge (pictured), sales director at MPowered Mortgages, said: “We are really pleased to be able to bring out new lower rates so early in 2024 and pass on the reduction in swap costs so quickly to our customers. We appreciate that it is a very tough market out there, and that is why we are delighted to be able to extend our cashback to our entire range to help with moving and remortgaging costs.

“We have listened to what our borrowers want, and whilst headline rates are very important, many of our customers also asked for upfront assistance. A £500 or £1,000 cashback helps with immediate costs, and on a 2-year fixed rate for a loan of £200,000, £500 is the equivalent of an additional 10+ bps of rate reduction.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Advice Guru partners with Pure Retirement to support broker education

Financial adviser learning platform Advice Guru has announced a new sponsorship partnership with Pure...

Nationwide ups LTV limits for interest-only and foreign national borrowers

Nationwide has announced changes to its mortgage lending criteria, increasing the maximum loan-to-value (LTV)...

Lloyds expects swell in completions ahead of stamp duty deadline

Lloyds Banking Group anticipates a 50% growth in property completions this month as buyers...

Satchell the latest to leave HTB bridging division

Lorenzo Satchell has become the latest senior member of the bridging team at Hampshire...

Other news

Advice Guru partners with Pure Retirement to support broker education

Financial adviser learning platform Advice Guru has announced a new sponsorship partnership with Pure...

Nationwide ups LTV limits for interest-only and foreign national borrowers

Nationwide has announced changes to its mortgage lending criteria, increasing the maximum loan-to-value (LTV)...

Lloyds expects swell in completions ahead of stamp duty deadline

Lloyds Banking Group anticipates a 50% growth in property completions this month as buyers...