MPowered Mortgages has reduced rates by 0.10%, following cuts of up to 0.27% earlier this month.

The latest cuts will see new customers benefit from cuts to the lender’s three-year fixed rate range which now starts at 3.91% for 60% loan-to-value (LTV) with a £999 arrangement fee.

Meanwhile, further rate cuts apply to LTVs up to and including 80% LTV.

Changes have also been made to the lender’s remortgage cashback mortgage range with all two, three and five-year fixed rates reduced by 0.05% across all LTV bands.

The remortgage cashback option now comes with a lower rate and a £250 cashback payable on completion.

MPowered Mortgages chief executive officer Stuart Cheetham says: “Despite no reduction in the base rate last week, we are still reducing our rates today which is great news for borrowers and will help to stimulate the housing market.”

“As well as reducing our three-year offering we’ve also taken the opportunity to align our Legal Fee Saver and cashback mortgage remortgage rates by now offering the same great rates on both products. This means all borrowers now have to decide is whether to take the Legal Fee Saver package or the cashback one.”