MPowered Mortgages has announced rate reduction across its suite of two- and three-year fixed products.

The fintech mortgage lender said rates on its prime two-year fixed products now start at 5.31% on purchases and 5.61% for remortgages with a £999 arrangement fee.

For consumers looking for a two-year fixed product without an arrangement fee, rates now start at 5.72% for both purchases and remortgages.

The lender has also reduced rates across its full range of three-year fixed rate products.

New rates on three-year fixed rate products begin at 5.14% for those looking to purchase a new home and 5.15% for those remortgaging.

All applications with MPowered include a free standard valuation with £500 cashback on selected homebuyers’ products on loans above £200,000. It is also offering £500 cashback on all remortgages with £1000 cashback on loans above £200,000. It said all cashbacks are paid on completion.

MPowered Mortgages sales director of Mortgages Matt Surridge said: “We endeavour to continue offering competitive mortgages to prospective and existing homeowners.

“As ever, seeking independent professional advice is critical for those looking to buy or remortgage at this point in time. Brokers can help borrowers access and understand the products most suited to them, allowing them to make an informed decision when it comes to their mortgage.”