Rate cuts made amid Autumn Budget uncertainty
Digital lenders MPowered Mortgages and Molo Finance have announced cuts to their fixed mortgage rates, responding to market uncertainty ahead of the upcoming Autumn Budget.
MPowered Mortgages has reduced rates on its three-year fixed products by up to 30 basis points (bps), impacting purchasers and remortgagers.
For new purchase customers, three-year rates now start at 3.93% at 60% loan-to-value (LTV) with a £999 fee, while remortgage customers can access rates from 4.08%, also at 60% LTV with the same fee.
“The Chancellor’s Autumn Budget is looming and the concerns over unfunded tax cuts in Rachel Reeves’ plans has spooked markets with most lenders increasing rates over the past week,” commented Stuart Cheetham (pictured left), chief executive of MPowered Mortgages.
“MPowered Mortgages is pleased to be reducing its three-year rates to remain as competitive as possible even in these unreliable market conditions we are in at the moment.”
These rates are a big deal! 🌟
— MPowered Mortgages (@mpoweredsocial) October 24, 2024
We've slashed our 3-year products, offering your clients another opportunity to save.
These are too good to miss! Lock in your rate today: https://t.co/XvfrxGUVWz#mpoweredmortgages | Intermediaries only pic.twitter.com/a5otRJllx7
Meanwhile, Molo Finance has cut rates on its two- and five-year fixed rate products across its standard and specialist buy-to-let offerings.
Two-year fixed rates for UK resident individual and limited company borrowers now start at 3.24% at 75% LTV, with five-year fixed products starting at 4.59%. Specialist buy-to-let products, including those for multi-unit freehold blocks, houses in multiple occupation, and holiday lets, also saw reductions, with two-year rates beginning at 3.39% and five-year rates from 4.69%.
“We’re pleased to announce rate reductions across our UK resident fixed rate range today as we seek to continue to support our intermediary partners and their clients with competitive pricing ahead of next week’s Budget,” said Martin Sims (pictured right), distribution director at Molo Finance.
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