MPowered Mortgages has launched a new range of 90% LTV mortgages.
The lender has also lowered prices across selected products in its two and three-year fixed range, as well as extending its cashback boost offering across its three-year range.
Products are available on loan sizes from £50,000 and include two, three and five-year fixed rate options. All applications benefit from a free valuation. For a limited time only, the 90% LTV range will also benefit from £500 cashback for purchases and £1,000 cashback on remortgages as part of MPowered’s current ‘cashback boost’ incentive, subject to a minimum loan size of £200,000.
MPowered has lowered its rates to meet the needs of homebuyers and remortgages. The lender has dropped rates by up to 0.05% across all three-year fixed rates and selected two-year rates.
Its three-year fixed range will also now benefit from enhanced cashback, offering £500 cashback for purchases and £1,000 cashback for remortgages.
The lender has also introduced a new £0 arrangement fee option on its three-year range for remortgages.
Emma Hollingworth, distribution director at MPowered Mortgages, said: “With mortgage rates and the cost of living continuing to rise, getting on the ladder is becoming harder for first-time buyers as finances are being squeezed further. In the coming year, there is an expectation that an increasing number of buy-to-let landlords will choose to sell their properties. This situation presents pockets of opportunities for first-time buyers to enter the market, as these properties are likely to re-emerge at lower prices.
“We’re aware of the barriers that both these first-time buyers, and other home movers, are continuing to face when saving for deposits. Therefore, we are pleased to expand our prime residential offering with a new range of 90% LTV products, designed to support homebuyers and help them purchase a property that best meets their criteria for space and location.
“At MPowered Mortgages, we harness the power of AI, data-driven science and machine learning to support both brokers and buyers with a wide range of products and efficient service throughout this period of economic volatility.”