MPowered Mortgages has cut rates across its mortgage range. From 25 July, rates at 80% LTV across two and three-year fixed rates will be reduced by up to 0.49%, with rates starting from just 4.75% for a three-year 80% LTV £999 purchase (reduced from 4.89%).

Remortgage rates on three-year loans start from 4.98% at 80% LTV at £999 fee, down from 5.35%.

Additionally, three-year low LTV rates have been cut by up to 0.08%, with three-year £999 purchase rates starting from just 4.39% and £0 fee rates from just 4.64%.

Five-year purchase rates have also seen significant rate reductions, with the five-year £999 purchase rates reducing by up to 0.17%.

Commenting on the latest cuts MPowered sales director Matt Surridge said:  “Over the past few months, we have concentrated on offering lower loan-to-value (LTV) lending at 75% and below.

“Now, with the introduction of new, highly competitive rates at 80% LTV, we aim to expand MPowered’s competitive proposition into higher LTV lending. This addition of another LTV tier will enable MPowered to effectively compete with the top six lenders in the market.”