MPowered Mortgages has announced substantial rate reductions across its fixed-rate mortgage range.
This marks the largest rate drop since the previous Christmas, with the lender cutting rates by up to 47 basis points. Notably, the 5-year fixed rate products now start at 4.38%.
The rate reductions cater to a wide range of loan-to-value ratios, encompassing 60%, 75%, 80%, 85%, and 90%, thereby accommodating diverse borrower requirements.
For its 5-year fixed range, rates for purchasers now start at 4.38% (previously 4.84%), and for remortgagers at 4.68% (previously 5.14%), both with a £1,999 arrangement fee. Without an arrangement fee, the rates begin at 4.53% for purchases and 4.78% for remortgages.
Additionally, the lender has reduced rates on its 2-year fixed prime residential products, with purchase-only products starting at 4.79% for 60% LTV, and remortgage rates starting at 5.19% for the same LTV, each with a £999 arrangement fee.
The 3-year fixed products have also seen rate reductions, with up to 0.47% cuts. Rates for purchasers with a £1,999 arrangement fee now start at 4.59% for 60% LTV, while those without an arrangement fee start at 4.99%.
The 10-year-fixed range has experienced rate reductions by up to 30 basis points, now beginning at 4.59% at 85% LTV for purchasers with a £999 arrangement fee.
In addition to rate cuts, MPowered Mortgages is offering up to £1,000 cashback on certain products, enhancing the attractiveness of their offerings.
Stuart Cheetham, CEO of MPowered Mortgages, said: “The Christmas break is a perfect time for people to review their finances and think about moving house, which is why we thought it was a great opportunity to launch new rates to help them.
“Keep calm and carry on is our motto for the Christmas season! We don’t have falling snow, but we do have falling swap rates, and with increased stability in the market, there are very positive signs for borrowers in 2024.
“As always, borrowers looking to take advantage of these new rates should seek independent professional advice to ensure a comprehensive understanding of the products on offer and how they match up to their requirements.”
