MPowered Mortgages has cut selected rates across its three-year fixed-rate mortgages by up to 22 basis points.
The platform lender says that for purchase-only loans at 60% loan to value, rates now begin at 4.37% (previously, 4.59) while rates on loans at 75% LTV and 80% LTV begin at 4.49% (previously, 4.69%) and 4.69% (previously, 4.79).
Remortgage three-year fixes begin at 4.46%, 4.58% and 4.93% for 60% LTV, 75% LTV and 80% LTV, respectively.
Highlights of the lender’s reductions cover:
- All rates at 60% LTV reduced by 22bps
- All rates at 75% LTV reduced by 20bps
- All rates at 80% LTV reduced by 10bps
MPowered Mortgages chief executive Stuart Cheetham says: “We understand that many people will be facing significant financial pressures this year, which is why we are working to do everything in our power to make our products as accessible as possible.
“While there is cautious optimism about the outlook for rates this year, advisors will still need to continue to use their knowledge of the market to ensure buyers land on a deal that works for them.”
This is the second time the firm has reduced rates this year, last week it cut rates across two- and five-year fixes by up to 25bps.
