MPowered Mortgages has announced the launch of a new range of cashback products, ahead of this week’s Bank of England interest rate decision.

The cashback products are designed 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 upon 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 valuation.

Emma Hollingworth, distribution director at MPowered Mortgages, said: “We are very excited to launch our new range of cashback products which adds to our existing range of established mortgage products which span both prime and buy-to-let.

“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. 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.”