MPowered Mortgages has lowered its rates across its fixed rate mortgage range, including its 2-, 3- and 5-year deals.
The lender’s 2-year fixed mortgage rates have seen reductions of up to 0.15%, with rates now starting at 5.92% for both home purchases and remortgaging—offered without an arrangement fee.
For 3-year fixed-rate mortgages, rates with an arrangement fee of £999 start at 5.49% for purchases and 5.50% for remortgages. If no arrangement fee is applied, the rates for these 3-year fixed mortgages stand at 5.69% for remortgagers and 5.50% for purchasers.
In addition to shorter-term products, MPowered Mortgages has also reduced the rates across its 5-year fixed range. For these, the starting rates are 5.09% for purchases and 5.14% for remortgages, both accompanied by a £1,999 arrangement fee. Without this fee, rates start at 5.29% for purchases and 5.34% for remortgages.
Stuart Cheetham, CEO of MPowered Mortgages, said: “At MPowered, we are committed to keeping our rates as low as possible for our customers. Given the swap markets have seen notable stability since the BoE’s announcement and inflation continues to hold firm, we are optimistic that a more stable economic landscape will help drive activity in the mortgage market throughout the remainder of the year.”
Nicholas Mendes, mortgage technical manager at John Charcol, added: “MPowered are making further reductions following their last drop on the 21st.
“MPowered is one of the few lenders to continually quickly reprice their proposition which is great to see.”
