The cashback, which was launched earlier this month, is now available on all purchase products with a fee and its legal assist range for customers looking to remortgage up to 85 per cent LTV.
The lender has also cut rates by up to 0.2 per cent for selected two and three-year fixed rates.
Matt Surridge, sales director at MPowered, said: “The launch of our variable cashback products has been received well by the market, so making more products available was a no-brainer for us. It further reflects MPowered’s mission to transform the mortgage process to make the house-buying journey as easy as possible for borrowers and brokers alike.
“Similarly, we are dedicated to bringing down rates wherever possible, and unlike high-street lenders, we can respond to even minor market fluctuations, enabling prompt adjustments to our products. Our continual ambition is to provide flexibility to ensure that every homebuyer can find the right product for them.
“Looking forward, we will continue to listen to brokers and to enhance, develop and expand our mortgage range in response to the varied needs of borrowers today.”
Darlington BS tweaks skilled worker and expat criteria
Darlington Building Society has changed its criteria for skilled worker visas and opened its holiday let offering to expats.
Borrowers with a skilled worker visa can now borrow up to 90 per cent LTV. The lender said that more people were coming from overseas to fill skills gaps and this would make it “easier” for them to “plant roots and take their first step onto the property ladder here in the UK”.
The lender added that expats can take advantage of its holiday let mortgage offering up to 75 per cent LTV.
The offering has a maximum 42 weeks letting period on which to base the interest coverage ratio and applicants can use the property for 90 days a year.
Chris Blewitt, head of intermediary distribution at Darlington Building Society, said: “We are proud of our specialist approach to lending and are constantly working with our distribution partners to understand the market challenges.
“Through these conversations it has been highlighted that there is a considerable demand for higher LTV loans for those on skilled worker visas. With skilled workers being a significant part of the UK labour market and the society having significant knowledge of this market it was felt that a flexing of criteria to cater for higher LTV’s was a challenge we could rise to.
