MPowered Mortgages has made rate cuts to its three-year mortgage range by up to 30 basis points.

The lender’s three-year rates for new purchase customers start from 3.93% at 60% loan-to-value (LTV) with a fee of £999.

Meanwhile, three-year rates for remortgage customers start at 4.08% at 60% LTV with a £999 fee.

MPowered Mortgages chief executive officer Stuart Cheetham says: “The Chancellor’s Autumn Budget is looming and the concerns over unfunded tax cuts in Rachel Reeve’s plans has spooked markets with most lenders increasing rates over the past week.”

“Swap rates, which determine the price of fixed-rate mortgages, have also risen which creates more uncertainty about the direction mortgage rates will go in the coming weeks and months.”

“MPowered Mortgages, is pleased to be reducing its three-year rates to remain as competitive as possible even in these unreliable market conditions we are in at the moment.”