MPowered Mortgages, a key player in the prime residential mortgage sector, has introduced a novel cashback offer on its home loan products.
Specializing in leveraging technology to streamline the mortgage application process, MPowered Mortgages stands out in the financial market for its innovative approaches.
The rationale behind the new product is to offer more value to the borrowers. In contrast to traditional mortgage products that provide a fixed cashback upon completion, MPowered Mortgages’ scheme allows borrowers to earn cashback proportionate to their loan amount, with potential earnings up to £4,500.
MPowered Mortgages has made a name for itself by transforming the conventional mortgage process through advanced technological solutions. The company’s focus on efficiency and customer satisfaction has positioned it as a forerunner in the FinTech sector.
The new product comes with an attractive offer of 0.30% cashback on all loan sizes up to £1.5 million. The five-year fixed rate starts at just 4.28% at 75% LTV, escalating slightly to 4.38% at 80% LTV, accompanied by a reasonable arrangement fee of £999.
A notable feature of this product is the flexibility it offers borrowers. Unlike many in the market, MPowered Mortgages does not retract cashback if borrowers decide to settle their mortgage early within the fixed-rate period.
Stuart Cheetham, CEO of MPowered Mortgages, commented, “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 payment is paid to the customer as soon as they complete on the mortgage.”
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