MPowered Mortgages and Leeds Building Society are the latest lenders to announce rate cuts this week.

MPowered reduced rates last Thursday and is making further cuts tomorrow.

Its biggest reductions include:

• Its two-year fixed rate remortgage deal at 80% LTV will drop by 30 basis points from 5.74% to 5.44% with a £999 fee.
• The fee-free equivalent will drop from 5.99% to 5.69%
• Further reductions mean two-year fixes at 60% LTV will start from 4.58%, down from 4.63%
• Three-year fixes at the same LTV will start from 4.47%

Leeds will be reducing rates on a number of products tomorrow, with the biggest cuts of up to 25 basis points made to its limited company buy-to-let deals.

Other buy-to-let rates will be trimmed by up to 9 bps and shared ownership rates by up to to 10 bps.

MPowered chief executive Stuart Cheetham says:  “Our data has shown that demand for two-year fixed rates has doubled since 2022, so it’s great that we are able to meet this demand by reducing our two-year rates further and faster.”