MPowered Mortgages is introducing a range of two-year tracker mortgages which start at 4.8% and are available to up 85% LTV.

The rates, which will track the Bank of England base rate over the next two years, have been launched with a boosted £1,000 cashback for remortgages, usually £500, and £500 cashback for purchases. The boosted cashback is available for a limited time only.

As standard, the range also benefits from no early repayment charges, and will give customers the ability to product switch and move to a different MPowered product, such as a fixed-rate mortgage, after six months.

All applications with MPowered include a free valuation, with loans available up to £1.5 million and up to 85% LTV. Last month, the lender also raised its maximum loan-to-income (LTI) ratio to 5.5 for employed applicants.

Emma Hollingworth, managing director of mortgages at MPowered Mortgages, said: “The decision to opt for a tracker or fixed is very much based on individual circumstances, which is why seeking financial advice from a mortgage broker is so important. An independent adviser will be able to guide so that borrowers make the right choice for them.

“At MPowered Mortgages, we want to be able to offer borrowers as much choice as possible so that we meet their needs in this fast-changing market, which is why we have expanded our product range to incorporate tracker mortgages.

“These products, like all others in our range, will only be available via a mortgage broker. The launch of our tracker range further cements our commitment to expand our presence in the prime market as well as importantly working to get consumers the right outcomes based on their needs.”