MPowered and Yorkshire BS announce lower rates
MPowered Mortgages and Yorkshire Building Society have reduced rates across their fixed mortgage offerings, following the Bank of England’s base rate cut.
MPowered has lowered rates on its full range of fixed rate products, with two-year fixes now starting at 4.34% at 60% loan-to-value (LTV) with a £999 fee, or 4.59% with no fee.
The digital lender’s three-year fixed rates begin at 4.14% at 60% LTV with a £999 fee and 4.29% without. Five-year rates start at 4.29% at 60% LTV with a £999 fee and 4.43% with no fee.
“We have been quick off the mark to cut mortgage rates following the recent base rate cut as we feel strongly that this good news should be passed to borrowers as soon as possible,” said Stuart Cheetham, chief executive of MPowered Mortgages.
“While the market is expecting a further three cuts to the Bank of England base rate in 2025, this has largely been factored into current rates, so while we may see rates come down a little further, they will not come down significantly. Borrowers should bear this in mind when making decisions on their mortgages.”
Meanwhile, Yorkshire Building Society has announced that it would be reducing the rate on its tracker mortgages by 0.25% on March 9. Its standard variable rate (SVR) mortgages will also be decreased from 7.74% to 7.49% on the same date.
The mutual has also cut rates by up to 0.31% across its mortgage range. The reductions include up to 0.31% on selected rates at 60% LTV, up to 0.18% at 75% LTV, up to 0.20% at 80% LTV, and 0.17% at 90% LTV.
Among the changes, its two-year fixed purchase product is now available at 4.56% at 75% LTV with a £495 fee, £250 cashback and free standard valuation. For remortgages, a two-year fixed rate at 75% LTV has been reduced to 4.39% with a £995 fee, free standard valuation and remortgage legal service.
As part of a recent policy change allowing lending on flats, the rate on the mutual’s £5K Deposit Mortgage has also been lowered from 5.74% to 5.69%.
“It always pleases us to be able to pass on added value to our customers, and market rate movements in the past week have presented us with a golden opportunity to make changes right across the range, including at the highest LTVs,” said Cheryl Bleasdale, mortgage product manager for Yorkshire Building Society. “We’re particularly glad to be able to include some best buy products in this competitive new range.”
High street lenders Santander and Virgin Money have earlier announced rate reductions on their mortgage products.
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