MPowered Mortgages has cut its three-year fixed rates.  For new purchase customers, three-year fixed rates for customers paying a 35% deposit have been cut to 3.93% paying a £999 fee.

Those with a 20% deposit benefit from a new fixed rate of 4.25% paying a £999 fee. Three-year fixed rates for remortgage customers have also been cut across most LTV bands.

The new rates from MPowered will be effective from 2 June.

Hinckley & Rugby for Intermediaries has also announced mortgage rate reductions of up to 35 basis points across its entire product range, alongside a series of criteria improvements aimed at helping brokers place more complex cases.

Over 30 products have been reduced, this includes Core Residential, two- and five-year fixed rates reduced by up to 0.35%; rates starting from 5.55% up to 90% LTV;  Retention, two- and five-year fixed rates reduced by up to 0.16%; rates starting from 5.07% up to 90% LTV;  Credit Flex, two- and five-year fixed rates reduced by up to 0.35%; rates starting from 5.89% up to 80% LTV.

Also, Income Flex, two- and five-year fixed rates reduced by up to 0.31%; rates starting from 5.85% up to 90% LTV; Buy to Let (BTL) Retention, five-year fixed rates reduced by up to 0.10%; rates starting from 5.39% up to 75% LTV ;Visa, two- and five-year fixed rates reduced by up to 0.16%; rates starting from 5.89% up to 90% LTV; and Limited Company, five-year fixed rates reduced by 0.06%; rates starting from 5.79% up to 70% LTV

In addition, Hinckley & Rugby has removed the £199 application fee from its core residential products. And retained profit is now accepted on Income Flex, helping limited company directors access finance.