MPowered Mortgages has expanded its prime residential offering with the launch of seven and 10-year fixed rate mortgages.
Rates start from 3.29% and the mortgages come with free valuations, and different cashback and arrangement fee options.
In addition, the mortgage provider has also introduced rolling end-dates across its whole residential offering of two, five, seven and 10-year fixed rate products.
MPowered Mortgages argues that offering fixed rates for the full, two, five, seven or 10-year period from completion is a different approach to most mortgage lenders, which typically offer mortgages to a fixed end date. This can mean uncertainty for borrowers as to exactly what length of fixed period they benefit from if completions are delayed. With a rolling end-date, customers will always get a full fixed period of two, five, seven or 10 years, ensuring that even if there is a delay, there is no customer detriment.
MPowered Mortgages’ new sevem-year fixed rate products will launch with rates starting from 3.29% up to 75% LTV, while rates for the 10-year fixed rate products will start from 3.34% up to 75% LTV. Both the seven and 10-year fixed ranges include a free valuation with a choice of arrangement fee and £500 cashback options.
MPowered Mortgages’ two and five-year fixed rolling end-date products have initial rates starting from 3.17% and loans available up to 75% LTV.
Emma Hollingworth, distribution director at MPowered Mortgages, said: “At a time when mortgage rates and the cost of living continue to rise, it’s crucial that lenders are responding to the needs of homebuyers and supporting them through this challenging time for purchasing a home.
“This is why we have launched our new seven and 10-year fixed rates and rolling end-date products which are both aimed at providing both more certainty over monthly payments in the long run as well as enabling homebuyers to get the full benefit of the fixed rate they sign up for.
“At MPowered Mortgages, we remain committed to both improving the homebuying journey and providing homebuyers with products that best meet their needs.”