MPowered Mortgages has cut its 2-year and 3-year fixed rate mortgages by up to 0.28% for new purchase and remortgage customers.
For new purchase customers, 2-year fixed rates now start at 4.21% for 60% loan-to-value (LTV) with a £999 fee, while 3-year fixed rates start at 4.19% at 60% LTV with the same fee.
All rates in the 2-year range are reducing by at least 0.14%, with most reduced by at least 0.20%.
These changes followed MPowered Mortgages lowering its standard variable rate (SVR) by 0.75% to 6.74%.
Stuart Cheetham, CEO of MPowered Mortgages, said: “The market has been very volatile of late, so we are pleased to be one of the few lenders who is reducing rates at a time when many others seem to be raising rates.
“Today’s reductions follow an announcement last Friday of a significant 0.75% reduction to our SVR to assist both new and existing borrowers.
“Whilst we are reducing our rates, we would urge borrowers to remain cautious and seek independent advice before choosing a mortgage.
“There are still a number of headwinds out there which can impact the cost of a mortgage over the months ahead and the direction of mortgage rates remains uncertain.”
