This is the lender's fifth rate cut since August
Residential mortgage lender MPowered Mortgages has announced further reductions to its three-year fixed rate purchase and remortgage products.
The updated rates apply to three-year fixed rate purchase products with no fee options, with new rates set at 4.37% for 65% loan-to-value (LTV), 4.49% for 70% LTV, 4.51% for 75% LTV, and 4.75% for 80% LTV.
Remortgage products with cashback or legal fee saver options, available with £999 and £0 fee structures, will also see reductions of up to 50 basis points (bps).
This marks the fifth time MPowered Mortgages has lowered its rates since last month. The lender has also recently introduced a new pricing structure based on 5% LTV bands, which it says offers a fairer approach to pricing mortgage products.
“We are delighted to be cutting rates for the fifth time since the start of August,” said Stuart Cheetham (pictured), chief executive of MPowered Mortgages. “Competition heating up between lenders is making now an ideal opportunity for borrowers to get their first foot on the ladder.
“We would nevertheless urge borrowers to seek advice so that they both find the best deal that suits their needs, as well as the best deal based on true cost, not just those with headline-grabbing rates.”
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