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.
“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.