The fintech lender says its prime two-year fixed-rate products, now start at 4.54% on purchases, and 4.39% for remortgages with a £1,999 arrangement fee. A fall of up to 31bps. 

A two-year fixed-rate product without an arrangement fee, rates now start at 4.94% for both purchases and remortgages.   

The firm has also reduced rates across its full range of five-year fixed-rate offers. New rates on five-year fixed-rate products begin at 4.13% for remortgagers. Five-year fixed-rate deals for purchases start at 4.14%.   

All applications come with a free valuation, while remortgage applications also include £500 cashback on completion.  

MPowered Mortgages managing director of mortgages Emma Hollingworth says: “The good news is rates are coming down, and we hope to continue to be able to offer competitive mortgages to prospective and existing homeowners.”    

Last week, the business lifted its maximum loan-to-income ratio to 5.5 times income in certain cases.   

It said single employed applicants earning £75,000 a year or more – or joint employed applicants with a combined income starting at £100,000 – will able to access up to 5.5 times their annual income. Those earning £60,000 can borrow up to five times their annual income.