MPowered Mortgages is launching a new range of tracker mortgages today as it continues to expand its offering to residential customers. 

The two-year trackers from the fintech lender start at 4.8% with a loan-to-value of up to 85%. 

The mortgages will track the Bank of England base rate over the next two years, with no early repayment charges as standard. Like all MPowered products, applicants for the tracker mortgages will benefit from a free valuation, with loans available up to £1.5m. 

And for a limited time only, the products come with the added bonus of a boosted £1,000 cashback for remortgages and £500 cashback for purchases. 

Borrowers also have the option to switch to another MPowered product after six months. 

Last month, we reported how the lender had raised its maximum loan-to-income ratio to 5.5 for employed applicants. 

It says the expansion into tracker mortgages is about responding to consumer needs and offering as much flexibility as possible. 

MPowered Mortgages managing director of mortgages Emma Hollingworth comments: “The decision to opt for a tracker or fixed is very much based on individual circumstances, which is why seeking financial advice from a mortgage broker is so important. An independent adviser will be able to guide so that borrowers make the right choice for them.  

“At MPowered Mortgages, we want to be able to offer borrowers as much choice as possible so that we meet their needs in this fast-changing market, which is why we have expanded our product range to incorporate tracker mortgages.  

“These products, like all others in our range, will only be available via a mortgage broker. The launch of our tracker range further cements our commitment to expand our presence in the prime market as well as importantly working to get consumers the right outcomes based on their needs.”