MPowered Mortgages has made rate reductions across its entire suite of fixed rate products ahead of the Bank of England’s interest rate decision later today (21st September).
In the lender’s prime residential range, 2-year fixed mortgage rates were reduced by up to 0.12%.
For consumers looking for a 2-year fixed product without an arrangement fee, rates now start at 6.07% for both purchases and remortgages.
Rates on its range of 3-year fixed products were also reduced, falling by as much as 0.10%.
For those paying an arrangement fee of £2,495, rates begin at 5.54% for purchasers and 5.49% for remortgages, while purchasers and remortgagers not paying an arrangement fee can benefit from rates of 5.89% and 5.94%, respectively.
MPowered Mortgages also reduced all rates on its 5-year fixed range, with rates for purchasers beginning at 5.24%, and for remortgagers beginning at 5.29% – both with a £1,999 arrangement fee.
On 5-year fixes without an arrangement fee, rates now start at 5.44% for purchases and 5.49 for remortgages.
This marked the second round of rate reductions by MPowered Mortgages in September.
Stuart Cheetham (pictured), CEO of MPowered Mortgages, said: “At MPowered, we are committed to keeping our rates as affordable as possible for our customers.
“Given the swap markets are beginning to stabilise for now and with inflation decreasing to 6.7% in August, we are optimistic that a more stable economic landscape will help drive activity in the mortgage market throughout the remainder of the year.”
He continued: “Borrowers looking to take advantage of these new rates to seek independent professional advice in order to ensure a comprehensive understanding of the products on offer and how they match up to their requirements.”
