MPowered Mortgages has cut rates by up to 47 basis points across its fixed rate range.

The lender said products are offered at 60%, 75%, 80%, 85% and 90% LTV to help all borrowers find a solution that works for their individual circumstances.

It added that this is the biggest rate drop since Christmas last year and the second time it is reducing rates since the Bank of England held rates at 5.25%.

MPowered said rates on its five-year fixed range starts at 4.38% previously 4.84%, and rates for remortgages start at 4.68% previously 5.14% – both with a £1,999 arrangement fee.

On five-year fixes without an arrangement fee, rates now start at 4.53% previously 4.99% for purchases and 4.78% previously 5.04% for remortgages.

On the lender’s prime residential two-year fixed products, rates have seen reductions of up to 0.42% with purchase-only products starting at 4.79% for 60% LTV with a £999 arrangement fee.

For those looking to remortgage, two-year fixes start at 5.19% for 60% LTV with a £999 arrangement fee.

Rates on its range of three-year fixed products have also been reduced and have fallen by as much as 0.47%.

For purchasers paying an arrangement fee of £1,999, rates begin at 4.59% on its purchase-only products at 60% LTV and 4.68% on remortgage products.

Those not paying an arrangement fee can benefit from rates starting at just 4.99% for purchases and remortgages.

On its 10-year-fixed range, rates have also been slashed by up to 30 bps and now start at 4.59% at 85% LTV for purchasers paying a £999 arrangement fee and 4.69% for remortgagers paying the same fee.

MPowered said its two and five-year purchase products for loans above £200,000 also come with an incentive of a £500 cashback on completion.

And for those refinancing, there is a choice of either the legal assist solution or £500 cashback or for remortgages over £200,000, £1,000 cashback.

MPowered Mortgages chief executive Stuart Cheetham said: “The Christmas break is a perfect time for people to review their finances and think about moving house, which is why we thought it was a great opportunity to launch new rates to help them. Keep calm and carry on is our motto for the Christmas season! We don’t have falling snow, but we do have falling swap rates, and with increased stability in the market, there are very positive signs for borrowers in 2024.

“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.”