MPowered Mortgages has cut rates across its whole fixed rate mortgage range.
Rates for purchase on two years now start at 4.52% for 60% LTV (4.90%) with a £999 arrangement fee. For those looking to remortgage, rates start at 4.57% for 60% LTV (5.19%) with a £999 arrangement fee.
For those who are not paying an arrangement fee, rates start from 4.69% for purchases (previously 5.14%) and 4.84% for remortgages (previously 5.34%).
MPowered has also reduced rates across its three-year fixed range, with purchase rates now starting from 4.42% at 60% LTV with a £1,999 arrangement fee (previously 4.47%), and remortgage rates from 4.49% for 60% LTV with a £999 arrangement fee (previously 4.57%). Products without an arrangement fee start at 4.67% for purchases (previously 4.77%).
Rates on its range of five-year fixed products have also been reduced. For purchasers paying an arrangement fee of £1,999, rates begin at 4.42% at 60% LTV. On its remortgage five-year fixed products, rates begin at 4.44% with a £999 arrangement fee. Those who aren’t paying an arrangement fee can benefit from rates starting at 4.44% for purchases and 4.64% for remortgages.
In addition to the new rates, all of the remortgage products come with a choice of either a £500 cashback or can benefit from the ‘legal assist’ feature, which supports towards legal fees.
Matt Surridge (pictured), sales director at MPowered Mortgages, said: “We are delighted to be able to reduce our fixed rate mortgage range at a time when most other lenders are raising mortgage interest rates. The decision reflects our optimistic outlook for the housing market over the next few months, and our determination to support homeowners at this challenging time to purchase a home or remortgage.
“As always, borrowers looking to take advantage of these new rates should seek independent professional advice to ensure a comprehensive understanding of the products on offer and how they match up to their requirements.”