MPowered Mortgages has launched cashback of 0.30% on all loan sizes up to £1.5 million.
The lender says its offer stands out from other cashback schemes as the more one borrows the more one earns in cashback up to £4,500.
Starting at 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, said: “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.”