It reduces rates by up to 0.45% and now start at 5.79%
Fintech lender MPowered Mortgages has reduced its three-year fixed rate residential mortgage range by up to 0.45%, with rates now starting from 5.79%.
For remortgage applications, rates on its three-year fixed mortgages with a £1,999 arrangement fee now start at 5.79% from 6.24% previously, and at 5.94% with a £999 arrangement fee from 6.34% previously. For purchase applications, three-year fixed mortgages start from 5.84%.
The rate reductions will apply across all three-year product options at up to 85% loan-to-value (LTV). MPowered also offer a choice of fee options including fee-free options for purchases, £500 cashback on all remortgage applications, and a free valuation with every application.
The lender’s latest rate change follows the product rate reduction across its two-year range last week by up to 0.36%.
“Swap rates have dropped substantially in the last 10 days,” said Stuart Cheetham (pictured), chief executive at MPowered Mortgages. “We are therefore taking the opportunity to reduce another fixed rate range, pass the benefit of improving swap rates to borrowers.
“While we hope this is good news for borrowers, it’s still a very challenging time to be a mortgage holder or buy a home, so we would urge borrowers to speak to a financial adviser before making any decisions about a mortgage.”
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