For purchasers, rates now start at 4.59% for a three year fix at 60% LTV (with a £999 fee). This was previously priced at 4.67%.

MPowered Mortgages has also reduces the cost of its three-year fee-free options. These now starts at at 4.79% (down from 4.97) at 60%, or 4.89% (down from 4.99%) at 75% LTV.

For remortgagers, three-year fixes will now cost at4.49% at 60% LTV, with a £999 arrangement fee. On the fee-free option, rates start at 4.69% at 60% LTV, rising to 6.09% at 85% LTV.

MPowered has also cut rates on its two-year range.For purchasers these start at 4.84% (down from 4.95%) at 60% LTV with a £999 arrangement fee. Alternatively it is offering a 5.07% rate at 60% LTV without a fee, rising to 5.19% at 75% LTV.

For remortgagers, two-year fixes with no arrangement fee start at 5.15% at 60% LTV, rising to 5.25% at 75% LTV.

MPowered Mortgages sales director Matt Surridge says the bank was pleased to be one of the fist lenders to be able to reduce rates again, bucking the recent trend of rate rises.  “Mortgage rates have been increasing in recent weeks, but we think we have hopefully now seen the end of this.

“Whilst we can expect some level of volatility in mortgage rates in the coming weeks, there are positive signs that rates will start coming down in the not too distant future.”

Fintech MPowered Mortgages has been utilising AI to speed up and simply the mortgage journey for homebuyers and remortgagers.