MPowered Mortgages has introduced a new range of cashback products with up to £500 back on remortgages.

The lender says the move is intended to reduce the cost of buying a home at a time when many homebuyers are under increasing financial pressure, and with another Bank of England rate decision looming this week.

Up to 75% LTV is available on remortgages with rates starting at 2.8%. The cashback will be paid upon completion. There are no fees for application or completion and free valuations are included.

Last month, MPowered Mortgages launched into the prime residential mortgage market and joined the Intermediary Mortgage Lenders’ Association (Imla).

“Of the new products, MPowered distribution director Emma Hollingworth says: With the cost of living and mortgage rates continuing to rise, our new products are aimed at helping the remortgage process become more cost effective for a customer during this period of economic uncertainty.

“We strongly believe that we as an industry need to continue to innovate, improve and enhance both the product and the service we offer homebuyers  to ensure we are best meeting homebuyers needs in this fast changing market.”