Reductions apply to lenders' fixed rates
In a move to provide more competitive mortgage options, specialist lenders Hodge and MPowered Mortgages have announced rate reductions across various products.
Hodge has lowered rates by up to 0.26% on its 50-plus and retirement interest only (RIO) mortgages, with reductions that apply to both two- and five-year fixed rate products, benefiting new and existing customers.
“We’ve implemented these changes to give our brokers and their customers greater choice as the market settles and rates continue to fall,” said Emma Graham (pictured left), business development manager at Hodge. “We’re hoping these latest rate reductions will help our intermediary partners serve customers requiring specialist mortgage solutions, with competitive rates on our market-leading 50-plus and RIO mortgages.”
Meanwhile, MPowered Mortgages has decreased rates on its two-year fixed rate purchase mortgage range by up to 0.13%.
The lender’s two-year fixed rates at 60% loan-to-value (LTV) with a £999 arrangement fee now start at 4.63%, down from 4.76%, with the same product without an arrangement fee set at 4.89%. These rates are available to both home movers and first-time buyers.
“We’re pleased to be reducing our two-year fixed rates further, having already reduced them at the end of June, further supporting people making their first steps on the ladder and those moving into their next home,” said Stuart Cheetham (pictured right), chief executive of MPowered Mortgages.
“Demand for two-year fixed rates has doubled since summer of 2022, in part due to people becoming more optimistic about the prospect of rates coming down in the future. However, we would urge borrowers to remain cautious about the future direction of mortgage rates as there are no guarantees what rates will do, and history has taught us this. Speaking to a qualified financial advisor or a broker is crucial before making any decisions.”
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