MPowered Mortgages has launched a range of Remortgage Legal Assistance products which cover standard legal fees for remortgages on registered land along with a free valuation.
It said the new products, which mirror the existing Remortgage Cashback products, will allow borrowers the option of covering the costs of standard remortgage legal work when using the lender’s selected conveyancers.
Or alternatively the option of a cashback paid on completion when using their own conveyancers. Both options come with a free valuation.
This is the latest step MPowered has taken to support brokers and homebuyers helping to reduce additional fees associated with getting a mortgage.
For borrowers to qualify for a remortgage legal fee assistance package, the property must be valued at less than £2m, been occupied for the past 12 months and involve no shared ownership or transfer of equity. For flats/apartments, additional requirements apply.
Elsewhere, MPowered has reduced rates across a portion of its two-year products. Rates for purchase now start at 5.59% at 90% LTV with a £999 arrangement fee. For customers not looking to pay a fee, rates for 90% LTV products now start at 5.87%.
The lender has also reduced rates across its 10-year products, with rates on purchase loans now starting at 4.89% for the 85% LTV product with a £999 arrangement fee, and 5.09% for those who don’t want to pay a fee. For those interested in remortgaging with legal assist or cashback, the rates remain the same.
MPowered Mortgages sales director of mortgages Matt Surridge said: “We are always looking for ways to support borrowers during what is a challenging time to have a mortgage which is why we are offering free standard legals and vals via our Legal Assistance range.
“Similarly, we continue to place an emphasis on keeping rates as affordable as possible for borrowers, despite inflationary challenges and ever-evolving swap rates. Reducing rates across our 2- and 10-year is proof of our continued support for homebuyers, home movers and those looking to remortgage, as they navigate the challenges presented by the cost-of-living crisis.
“As ever, seeking independent professional advice is critical for those looking to buy or remortgage at this point in time. Brokers can help borrowers access and understand the products most suited to them, allowing them to make an informed decision when it comes to their mortgage.”
