MPowered Mortgages, the prime residential mortgage lender utilising artificial intelligence to streamline the mortgage process, has made rate reductions across its 3-year fixed rate product line.
For home purchases, interest rates now start at 5.29% with a £1,999 arrangement fee or 5.39% with a £999 arrangement fee. Additionally, rates of 5.39% will include a £500 cashback offer for any loans exceeding £200,000.
When it comes to remortgaging, the rates are similarly competitive. Starting at 5.30% with a £1,999 fee or 5.40% with a £999 fee, customers borrowing over £200,000 will also be eligible for a £1,000 cashback.
Matt Surridge (pictured), director of sales at MPowered Mortgages, commented on the move, stating, “At MPowered, we are looking to try and pass on rate reductions at every opportunity to our customers.”
Surridge elaborated on the market conditions: “In a market where choices can be difficult for brokers and their customers at present, choosing between a short-term fixed rate and the security of a longer-term fixed, MPowered is pleased to offer a new lower 3-year fixed range. This is proving an increasingly popular alternative that seeks to offer the best of both worlds.”
MPowered Mortgages is a broker-only lender, and Surridge emphasised the importance of professional advice. “We know that borrowers get the best advice going through brokers, which is why we urge borrowers to seek independent professional advice to ensure they understand the products on offer and how they match up to their requirements,” he said.
