MPowered Mortgages has reduced rates for the fourth time since Kwasi Kwerteng’s mini-Budget.
Rates across its residential fixed rate range see reductions, including its 2-, 3-, 5-, 7- and 10-year products.
MPowered Mortgages’ 5-year fixed rate has seen a total reduction of 1.4% since mid-October.
For the latest round of reductions, rates on MPowered’s 5-year fixed products for remortgages have seen reductions by up to 0.35% and now start at 4.89%.
Rates on its 5-year fixed products for purchase applications have seen reductions by up to 0.30% and now start at 4.94%.
While rates on its 7-year fixed products have seen reductions by up to 0.35% and now start at 4.89%.
On its 10-year fixed products there have seen reductions by up to 0.14% with products now starting at 4.99%.
For 3-year fixed rate products there were reductions of up to 0.25% with fixes now starting at 5.09%.
Finally, rates on its 2-year fixed products have seen reductions by up to 0.44% and now start at 5.19%.
Stuart Cheetham (pictured), CEO of MPowered Mortgages, said: “As a smaller fintech lender who is focused on speeding up the mortgage journey for homebuyers using the power of smart technology and artificial intelligence, we will continue to try and keep rates as low as we possibly can.
“This is crucial if we want to help people both on the housing ladder or trying to get on it, especially at a time when the cost-of-living continues to squeeze finances.
“However, whilst keeping rates low is important, seeking independent financial advice is too, as it will help borrowers choose a mortgage that best meets their individual needs.”
David Hollingworth, associate director at L&C Mortgages, added: “Households will be feeling the pinch as higher costs and interest rate hikes affect day-to-day budgeting.
“It’s therefore a boost for borrowers to have access to these improving fixed rates that can help put certainty into their mortgage payments and shore up against an uncertain outlook, it’s important to factor in fees as well as rate when taking a new mortgage and these deals offer a broad range of competitive options, to help meet the differing needs and individual circumstances of remortgage borrowers and buyers alike.”
