MPowered Mortgages has cut prices across two-, three- and five-year fixed-rate residential offers by up to 30 basis points, taking some deals below 5%. 

The platform lender says five-year fixes now start at 4.84%, with a £1,999 fee, 4.94% with a £999 arrangement fee and 4.99% with no fee.  

Five-year remortgage rates start at 4.89%, for both its free legal and cashback products. 

The firm’s two-year fixes now start at 5.11% on purchases, and 5.41% for remortgages with a £999 arrangement fee.  

For those refinancing, rates start at 5.41% with a choice of up to £1,000 cashback or free legals.  

Two-year fixes without an arrangement fee, now start at 5.52% for purchases and remortgages. 

The lender has also cut rates by 20bps across its range of three-year fixes.  

New rates on three-year fixes begin at 5.04% for products with a £999 fee, and start at 5.34% for deals without a fee.  

It adds that all applications include a free valuation, with an additional £500 cashback on most loans above £200,000 on completion.  

MPowered Mortgages sales director of mortgages Matt Surridge says: “As a prime mortgage lender, these new rates are part of our continued efforts to support homeowners and buyers during what is a challenging time to own a home.”