MPowered Mortgages reduces rates again

Rates now start from as low as 4.89%

MPowered Mortgages reduces rates again

MPowered Mortgages has reduced rates across its residential fixed rate range, including its two-, three-, five-, seven- and 10-year products.

The fintech mortgage lender is lowering its rates for the fourth time since the mini budget, with the largest cut on its five-year fixes, which have seen a total reduction of 140 basis points since mid-October.  

For the latest round of reductions, rates on MPowered’s five-year fixed products for remortgages have seen reductions by up to 0.35% and now start at 4.89%. Rates on its five-year fixed products for purchase applications were slashed by up to 0.30% and now start at 4.94%.  

Its seven-year fixed products have rate reductions by up to 0.35% and now start at 4.89%, while 10-year fixes have seen reductions by up to 0.14% and now start at 4.99%.  

Rates on its three-year fixed rate products were lowered by up to 0.25% and now start at 5.09%, while rates on its two-year fixes were reduced by up to 0.44% and now start at 5.19%.

The new rate reductions are effective today (November 24) and will be applied across its product range, including for both purchase and remortgage applications. Remortgage applications benefit from £500 cashback on completion, and all applications have a free valuation.

Read more: MPowered Mortgages expands residential fixed rate range.  

“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,” Stuart Cheetham (pictured), chief executive at MPowered Mortgages, said. “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, while 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.”