MPowered Mortgages said the launch of the cashback products had been made ahead of this week’s Bank of England interest rate decision.
The lender said its cashback products could help reduce the overall cost of buying a home at a time when financial pressure on homebuyers were increasing due to the rising cost of living.
The lender is offering £500 on remortgages of up to 75 per cent loan to value with the cashback paid upon completion.
Rates start from 2.80 per cent, and the full cashback range comes with no application costs, no completion fee and free valuation.
MPowered Mortgages has its headquarters in Guilford and is backed by Barclays, Citigroup’s SPRINT and M&G Investments.
Last month the lender announced the launch of its prime-residential mortgage range which it said was powered by AI, data science and machine learning.
Economists believe the central bank will raise UK interest rates, although GDP data released today showed the economy took a 0.3 per cent hit in April, which may dampen expectations of an increase.
Emma Hollingworth (pictured), distribution director at MPowered Mortgages, said: “We are very excited to launch our new range of cashback products which adds to our existing range of established mortgage products which span both prime and buy to let.
“With the cost of living and mortgage rates continuing to rise, our new products are aimed at helping the remortgage process become more cost effective for a customer during this period of economic uncertainty.
“We strongly believe that we as an industry need to continue to innovate, improve and enhance both the product and the service we offer homebuyers to ensure we are best meeting homebuyers needs in this fast changing market.”
