MPowered Mortgages lowers residential fixed rates

Its two-year and three-year fixed rate products now start from 5.53% and 5.29% respectively

MPowered Mortgages lowers residential fixed rates

Fintech lender MPowered Mortgages has lowered its rates across its two- and three-year fixed ranges.

On its residential two-year fixed products with a £999 arrangement fee, the lender has announced a 16-basis point reduction to all products at 75% LTV; and an 11-basis point reduction for all products at 85% LTV.

Two-year fixed products with a £0 arrangement fee have seen rate reductions by 21 basis points at 75% LTV, and 20 basis points at 85% LTV. Two-year fixes now start from 5.53%.

Read more: MPowered Mortgages expands residential fixed rate range.

MPowered Mortgages has also expanded its LTV range on its two-year fixed rate range to include 60% and 80% LTV products, in addition to its existing 75% and 85% offering. 

Three-year fixed rate products with a £999 arrangement fee have also seen a 15-basis point reduction at both 75% and 85% LTV. These products now start from 5.29%.

The lender has already reduced rates across its residential fixed-rate range by up to 76 basis points earlier this month.

“Despite the base rate rising by a further 75 basis points, we are committed to keeping rates as low as possible to support homebuyers through these challenging times,” Emma Hollingworth (pictured), director of mortgages at MPowered Mortgages, then commented. “We will work with the industry and policy makers to do everything we can to keep rates as low as possible.”