Prime residential mortgage lender MPowered Mortgages has started 2024 with the launch of new rates for its 2-year and 5-year fixed rate products.
The lender reduced rates by up to 0.25%, with purchase-only products starting from 4.13%.
MPowered Mortgages also introduced cashback on all homebuying products.
Matt Surridge, sales director at MPowered Mortgages, said: “We are really pleased to be able to bring out new lower rates so early in 2024 and pass on the reduction in swap costs so quickly to our customers.
“We appreciate that it is a very tough market out there, and that is why we are delighted to be able to extend our cashback to our entire range to help with moving and remortgaging costs.
“We have listened to what our borrowers want, and whilst headline rates are very important, many of our customers also asked for upfront assistance.
“A £500 or £1,000 cashback helps with immediate costs, and on a 2-year fixed rate for a loan of £200,000, £500 is the equivalent of an additional 10+ bps of rate reduction.”      Â
Nicholas Mendes, mortgage technical manager at John Charcol, said: “MPowered do what they do best, continually pushing the high street lenders further.
“5-year fixed rates starting from 4.13% will be a eye opener and certainly push the debate further of when we can expect more lenders offer a sub 4% rate.
“Reacting to favourable market condition and passing on quickly to consumers, well done MPowered.”
