MPowered Mortgages has announced a reduction in rates across its range of fixed-term mortgage products.
The rate cuts, aimed at providing relief to mortgage buyers and holders, include reductions in 2-, 3-, and 5-year fixed-rate products.
For their 5-year fixed-rate products, rates now start at 4.84% for the £1,999 fee product, moving to 4.94% for the £999 arrangement fee product and 4.99% for the no-fee product.
Rates for remortgaging start at 4.89%. In the 2-year fixed product category, purchase rates begin at 5.11%, and remortgage rates at 5.41% with a £999 arrangement fee.
Refinancing rates are also starting at 5.41%, with options including up to £1,000 cashback or free legal services, and 5.52% for no-fee 2-year fixed products.
The 3-year fixed-rate products see a reduction of 0.20%, with new rates beginning at 5.04% for the £999 fee and 5.34% for no-fee products.
Every application with MPowered includes a free valuation, and loans above £200,000 typically come with an additional £500 cashback on completion.
Matt Surridge (pictured), sales director of mortgages at MPowered Mortgages, commented on the new rates: “As a prime mortgage lender, these new rates are part of our continued efforts to support homeowners and buyers during what is a challenging time to own a home.
“In this higher interest rate environment, we’re endeavoring to offer as competitive mortgage rates as possible, to ensure borrowers can achieve their homeowning ambitions. As ever, seeking independent professional advice is critical for those looking to buy or remortgage at this point in time.
“Brokers can help borrowers access and understand the products most suited to them, allowing them to make an informed decision when it comes to their mortgage.”
