MPowered Mortgages slashes rates on three- and five-year fixes

Rates were reduced by up to 0.27%

MPowered Mortgages slashes rates on three- and five-year fixes

Fintech lender MPowered Mortgages has reduced rates across its suite of five-year fixes, as well as all three-year fixed rate products up to 75% loan-to-value (LTV).

On its prime three-year fixed products with a £999 arrangement fee, the lender has lowered rates by 0.20%, with rates now starting at 4.54%. Consumers opting for a product with no arrangement fee benefit from rate reductions of up to 0.27%, with rates now starting at 4.84%.

New rates on five-year fixed rate products begin at 4.41% at 60% LTV. The lender’s 75%, 80% and 85% LTV ranges have rates starting at 4.46%, 4.61%, and 4.66% respectively.

All applications come with a free valuation, with remortgage applications also benefitting from a £500 cashback on completion.

The latest set of rate reductions is the eighth time the lender has slashed rates on its products since November 2022. Just a week ago, MPowered reduced rates on its residential two-year fixed 80% and 85% LTV ranges.

“We are committed to supporting brokers and their customers, which is why we have reduced rates to make our mortgages more affordable during what is a tough time to purchase or remortgage a home,” Emma Hollingworth (pictured), mortgages managing director at MPowered Mortgages, commented. “We want to help individuals to fulfil their homeownership aspirations which is why keeping rates as low as possible is a priority for us as a lender.”

The complete list of MPowered Mortgages’ products is available on its website.

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