"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"
- Stuart Cheetham, CEO at MPowered Mortgages
MPowered Mortgages has 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, the more customers borrow the more they can earn in cashback, up to £4,500.
Should borrowers decide to pay the mortgage early, MPowered Mortgages will not claw back cashback at any stage during the fixed rate period.
Five-year fixed rates currently start from 4.28% at 75% LTV and 4.38% at 80% LTV with a £999 arrangement fee.
Stuart Cheetham, CEO at 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 back payment is paid to the customer as soon as they complete on the mortgage.”
