All rates on its two-, three-, and five-year fixed rates are down by at least 0.05%
Fintech lender MPowered Mortgages has reduced rates across its range of prime residential mortgage products, with cuts of at least 0.05% on its two-, three-, and five-year fixed rates.
On the lender’s prime two-year fixed products at 60% loan-to-value (LTV), rates have gone down to as low as 5.66% – a decrease of 0.13%. Consumers choosing products at 75%, 80%, or 85% LTV can benefit from rates as low as 5.76%, 5.86%, and 5.91% respectively, depending on the chosen size of the arrangement fee. The remortgage two-year fixed rate products now start at 5.86%.
MPowered Mortgages’ three-year range products have also seen rate reductions, with products at 75% LTV now starting from 5.74% and products at 85% from 5.82%. Rates on remortgage three-year fixed rate products have been slashed to as low as 5.49%.
The lender’s five-year fixed rates at 75% LTV now begin at 5.44%, with five-year fixed rates at 85% LTV starting from 5.49%. Remortgage five-year fixed rate products are now available at 5.49%.
“Amid consumer concerns that mortgage rates are becoming unaffordable due to continued interest rate rises, MPowered is doing everything it can to keep rates as low as possible,” commented Emma Hollingworth (pictured), managing director of mortgages at MPowered Mortgages. “This reflects our mission to support consumers with what is one of the biggest and most impactful financial decisions of their lives.
“These rate cuts make our products some of the most competitive on the market, and we will continue to offer as much flexibility and choice as we can to ensure that customers are able to access the best product for them.
“In addition, we are working to transform the mortgage process using AI, in order to make the mortgage process as efficient as possible – giving brokers and customers increased certainty and control in this period of economic volatility.”
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