A new slate of mortgage products that come with high loan-to-value (LTV) of 90% are being introduced by MPowered Mortgages, broadening the range of residential loans that the company has available.
These 90% LTV products will be on offer to borrowers who take out loans starting at £50,000. There will be five, three and two-year fixed rate versions of the loans available, all of which come with a property valuation at no cost. Those taking out one of the loans can also temporarily benefit from cashback on both remortgage and purchase deals, with this set at £1000 for the former and £500 for the latter.
These new high-LTV mortgages are not the only change that MPowered has announced. It has also cut the rates for several of the three and two-year fixed rate loans in its existing slate. In some cases, those rate reductions are by as much as 0.05%. Furthermore, the updated three-year remortgage products from the lender now come with an option for an arrangement fee of £0.
MPowered’s distribution director Emma Hollingworth told Mortgage Introducer that rising living costs and rates were making it harder for young people to buy their first home than ever before.
She added:
“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.”
Advisors with CeMAP training will be pleased by anything that helps clients get onto the housing ladder.
