It reduces rates for the second time in a week following base rate hold
Prime residential mortgage lender MPowered Mortgages has announced a reduction in its two- and five-year fixed mortgage rates.
The new rates start at 4.37% for the five-year and 4.67% for the two-year fixed rate purchase mortgages, both carrying a £999 fee. Previously, the rates were 4.59% and 4.84%, respectively.
The fintech lender said it is determined to assist borrowers wherever it is able, supporting them through what is a challenging time to buy a home or remortgage.
The decision follows the Bank of England’s recent move to maintain interest rates, which has led to a decrease in swap rates.
Matt Surridge (pictured), sales director at MPowered Mortgages, explained that the anticipation of rate cuts later in the summer has been cemented by these developments, suggesting a potential divergence between UK and US interest rate policies.
“The swap markets are moving at pace at present, and it is important that as a responsible lender, we are able to react and pass on any savings we can to borrowers,” Surridge said. “I’m therefore really pleased we are one of the first, if not the first, to cut rates this week having already cut rates once in the past week.
“Borrowers looking to take advantage of these new rates should seek independent professional advice.”
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