MPowered Mortgages has reduced its 3-year fixed-rate residential mortgage range by up to 0.45%. The reduced rates now start from 5.79%. This move comes on the heels of the lender slashing rates across its 2-year range by up to 0.36% last week.
For remortgage applications, the rates on MPowered Mortgages’ 3-year fixed products now start at 5.79% with a £1,999 arrangement fee (down from 6.24%). Rates start at 5.94% with a £999 arrangement fee (previously 6.34%). For purchase applications, 3-year fixed mortgages begin from 5.84%.
Stuart Cheetham (pictured), CEO of MPowered Mortgages, said: “Swap rates have fallen substantially in the last 10 days. In response, we’ve decided to reduce another fixed-rate range to pass the benefits of improving swap rates to borrowers.
“While we hope these rate reductions will be welcomed by borrowers, we understand that this remains a challenging time to secure a mortgage or buy a home. We strongly advise borrowers to consult with a financial advisor before making any mortgage-related decisions.”
The rate reductions will apply across all 3-year product options, including both purchase and remortgage products up to 85% loan-to-value (LTV).
MPowered also offers a range of fee options, including a £0 fee for purchase only, £500 cashback on all remortgage applications, and a free valuation with every application.
