It drops borrowing costs amid rising interest rates from other lenders
Fintech lender MPowered Mortgages has announced rate reductions across its range of fixed rate mortgages.
The lender has introduced lower rates for its two-year fixed mortgage products, with purchasing rates now starting at 4.52% for 60% loan-to-value (LTV), accompanied by a £999 arrangement fee.
For individuals considering remortgaging, rates begin at 4.57% for the same LTV, also with a £999 arrangement fee, while customers opting out of the arrangement fee can get rates as low as 4.69% for new purchases and 4.84% for remortgages.
MPowered, which has already made several cuts on fixed rates this year, has also repriced its three-year fixed mortgage range, with new purchasing rates starting from 4.42% at 60% LTV, including a £1,999 arrangement fee.
The rates for remortgaging have been set at 4.49% for 60% LTV, with a lower arrangement fee of £999. The rates for products without an arrangement fee begin at 4.67% for new purchases.
Significant adjustments have also been made to the five-year fixed mortgage product lineup. For buyers who are willing to pay a £1,999 arrangement fee, rates now start at 4.42% at 60% LTV.
Remortgaging rates for a five-year fixed term are introduced at 4.44% with a £999 arrangement fee. Products designed for customers not paying an arrangement fee offer rates starting from 4.44% for new purchases and 4.64% for remortgages.
In addition to rate reductions, MPowered Mortgages has also enhanced its remortgage products by offering an option of between £500 cashback or a legal assist feature aimed at covering legal expenses.
“We are delighted to be able to reduce our fixed rate mortgage range at a time when most other lenders are raising mortgage interest rates,” said Matt Surridge (pictured), sales director at MPowered Mortgages. “The decision reflects our optimistic outlook for the housing market over the next few months, and our determination to support homeowners at this challenging time to purchase a home or remortgage.
“As always, borrowers looking to take advantage of these new rates should seek independent professional advice to ensure a comprehensive understanding of the products on offer and how they match up to their requirements.”
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