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MPowered Mortgages, the prime residential mortgage lender using technology to speed up the mortgage process, has today launched cashback of 0.30% on all loan sizes up to £1.5 million. Unlike the majority of mortgage products on the market which offer fixed cashback on completion, with this product the more you borrow the more you earn in cashback up to £4,500.
Starting at just 4.28% at 75% LTV, the five-year fixed rate comes with a £999 arrangement fee. At 80% LTV the rate is 4.38%.
Additionally, should borrowers decide to pay the mortgage early, MPowered Mortgages will not claw back cashback at any stage during the fixed rate period.
Stuart Cheetham, CEO at MPowered Mortgages comments:
“We are excited to be the only mortgage lender to offer cashback as a percentage of the loan size. We anticipate this will be particularly attractive to Londoners and those in the South who generally have higher loan sizes than the rest of the UK.
“When borrowers day-to-day expenses are rising, a percentage cashback product should enable borrowers to overcome some of the additional costs of moving home as the cashback back payment is paid to the customer as soon as they complete on the mortgage.”
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