MPowered Mortgages has reduced rates across its residential fixed range by up to 76 basis points.

The new reductions will be applied across its two-, five- and 10-year fixed rate products for both purchase and remortgage applications.  

Rates on its two-year fixed products with a £999 arrangement fee have been reduced by up to 46 basis points and now start at 5.79%. 

The two-year fixed products with a £0 arrangement fee have had rates reduced by up to 51 basis points and now start at 6.04%. 

Meanwhile, rates on its five-year fixed products with a £999 arrangement fee have been decreased by up to 15 basis points and now start at 5.24%. 

Rates on its five-year fixed products with a £0 arrangement fee have gone down by up to 20 basis points and now start at 5.44%. 

The 10-year fixed rate products with a £999 arrangement fee saw rates cut by up to 68 basis points and now start at 5.09%. 

The 10-year fixed products with a £0 arrangement fee saw rates drop by up to 76 basis points and now start at 5.33%. 

Remortgage applications also benefit from £500 cashback on completion.

MPowered Mortgages director of mortgages Emma Hollingworth says: “Despite the base rate rising by a further 75 basis points, we at MPowered Mortgages are committed to keeping rates as low as possible to support homebuyers through these challenging times.”

“This move is one of the many initiatives we have launched to ease the burden of buying a home or remortgaging in the current market.”