"We are always looking for ways to support borrowers during what is a challenging time to have a mortgage"
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.
The new range will mirror the existing remortgage cashback products, allowing borrowers the option of either support by covering the costs of standard remortgage legal work when using MPowered'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.
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.
Two-year remortgage legal assist products start from 5.61% at 60% LTV product with a £999 arrangement fee. Rates then rise to 5.66%, 5.76% and 5.81% for 75%, 80%, and 85-90% LTV products, respectively. For those not looking to pay an arrangement fee on two-year remortgage legal assist products, rates begin at 5.72% for a 60% LTV product.
Three-year remortgage legal assist rates with an arrangement fee begin at 5.15% for a 75% LTV product with a £1,999 fee, rising to 5.40% and 5.60% for 85 and 90% LTV products, respectively. For those looking to pay a reduced £999 arrangement fee, rates begin at 5.25% for 75% LTV, with 85% and 90% LTV products priced at 5.50% and 5.70%, respectively. For those looking to lock in a three-year fixed remortgage product without an arrangement fee, rates begin at 5.49% for a 65% LTV product, with 75%, 85% and 90% LTV products priced at 5.59%, 5.74% and 5.94%, respectively.
Five-year remortgage legal assist rates begin at 5.14% for 75% LTV with a £1,999 fee, rising to 5.19% and 5.40% for 85 and 90% LTV, respectively. With a £999 arrangement fee, rates begin at 5.19% for a product at 75% LTV, with 85% and 90% LTV products priced at 5.24% and 5.44%, respectively. Fee-free rates begin at 5.34% for a 75% LTV product, with 85% and 90% LTV products priced at 5.39%, 5.59% respectively.
Finally, 10-year fixed remortgage legal assist product rates begin at 4.89% up to 85% LTV with a £999 arrangement fee. Fee-free 10-year fixed rate remortgage products start at 5.09%. The same rates apply for those looking to gather £500 cashback on their 10-year fixed remortgage product.
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 and 5.87% fee-free.
MPowered has also reduced rates across its 10-year products, with rates on purchase loans now starting from 4.89% at 85% LTV with a £999 arrangement fee, and 5.09% fee-free. Rates remain the same for those interested in remortgaging with legal assist or cashback.
Matt Surridge, mortgage sales director at MPowered Mortgages, commented: “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 two 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."
