MPowered Mortgages has reduced rates across its residential fixed rate range, including two, three, five, seven and 10-year products.
The fixed rate with the largest reduction since the mini budget is a five-year product, which has seen a total reduction of 140 basis points since mid-October.
For the latest round of reductions, rates on MPowered’s five-year fixed products for remortgages have seen reductions by up to 0.35% and now start at 4.89%. Rates on its five-year fixed products for purchase applications have seen reductions by up to 0.30% to start at 4.94%.
Seven-year fixed rates have fallen by up to 0.35% and now start at 4.89% and ten-year fixes are now available from 4.99%.
Three-year fixes now start at 5.09% after cuts of up to 0.25% and the lowest two-year fix is available at 5.19% after reductions of up to 0.44%.
Stuart Cheetham, CEO of MPowered Mortgages, commented: “As a smaller fintech lender who is focused on speeding up the mortgage journey for homebuyers using the power of smart technology and artificial intelligence, we will continue to try and keep rates as low as we possibly can.
“This is crucial if we want to help people both on the housing ladder or trying to get on it, especially at a time when the cost-of-living continues to squeeze finances. However, whilst keeping rates low is important, seeking independent financial advice is too, as it will help borrowers choose a mortgage that best meets their individual needs.”
