MPowered Mortgages has reduced rates across its 2-year fixed rate purchase mortgage range for the second time in a week.
Last Thursday, the lender cut 2-year fixed rates by up to 0.15% and reduced rates by a further 0.30% today.
2-year fixed rates at 60% loan-to-value (LTV) with a £999 arrangement fee now start at 4.58%, down from 4.63%, and 4.79%, down from 4.89%, with no arrangement fee for new purchasers and home movers.
3-year fixed rates at 60% LTV with a £999 arrangement fee now start at 4.47%, down from 4.55%, and 4.67%, down from 4.79, with no arrangement fee for new purchasers and home movers.
In addition, 3-year fixed rates for those remortgaging at 60% LTV with a £999 arrangement fee now start at 4.45%, down from 4.48%, which come with MPowered’s Legal Fee Saver incentive package.
Stuart Cheetham (pictured), CEO of MPowered Mortgages, said: “Our data has shown that demand for 2-year fixed rates has doubled since 2022, so it’s great that we are able to meet this demand by reducing our two-year rates further and faster.
“Cutting our 3-year rates is also an important move so that borrowers have as much choice as possible.”
He added: “Whilst it’s great news for borrowers that mortgage lenders are competing as hard as they can on rates and with mortgage rates falling continually over the past couple of weeks, we are not out of the woods yet!
“Any major rate reductions depend on the Bank of England cutting the base rate and it’s likely this could be pushed back especially if it is revealed that the CPI increases tomorrow.
“Whilst the future direction of mortgage rates still remains uncertain, we would urge borrowers to remain cautious and encourage them to seek advice from a mortgage broker before choosing a mortgage.”
