Five-year rates now as low as 4.47%
Prime residential mortgage lender MPowered Mortgages has reduced rates following the Bank of England’s decision to hold the base rate last week.
The lender has lowered its entire range of two-year fixed rates, which now start at 4.76%, down from 4.87%, at 60% loan-to-value (LTV) with a £999 arrangement fee. Deals without an arrangement fee have rates that begin at 4.99%, down from 5.09%, on a 60% LTV.
For remortgagers, two-year fixed loan rates start from 5.12%, down from 5.24%, on a 60% LTV with no arrangement fee, rising to 5.23%, down from 5.36%, for a 70% LTV.
All five-year fixed rates have also been reduced for 75% LTV and lower for both purchase and remortgage. Purchasers looking for a five-year fixed loan can now find rates starting at 4.47%, down from 4.53%, at 65% LTV with a £999 arrangement fee. Without an arrangement fee, rates begin at 4.55%, down from 4.63%, on a 65% LTV, and 4.57%, down from 4.66%, for a 70% LTV.
For remortgagers, five-year fixed loans with no arrangement fees now start from 4.69%, down from 4.73%, on a 65% LTV, rising to 4.74%, down from 4.79%, for a 75% LTV.
“We pride ourselves on being a lender that is known for being fast and efficient with the service we offer brokers and their customers,” said Matt Surridge (pictured), sales director of MPowered Mortgages. “We are also quick to react to news that might benefit our customers, particularly concerning the Bank of England base rate decisions, and endeavour to pass on lower rates as fast as we can.
“We are the first lender to lower our mortgage rates in response to last week’s Bank of England announcement, a move which we hope will bring welcome relief to homeowners and purchasers alike.”
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