MPowered Mortgages has cut its three-year fixed rate range available to new borrowers making its new 3.75% fixed rate at 60% LTV with a £999 fee, the lowest rate it currently offers across its fixed rate range.

The lender offers two, three- and five-year fixed rates for new borrowers and remortgagers.

Three-year fixed rates for new purchase borrowers have been cut across LTV bands including 60%, 65%, 70%, 75% and 80%. Further cuts have also been made to select two and five-year fixed rates for both remortgage and new purchase customers.

Commenting on the changes MPowered chief executive Stuart Cheetham said: “We are delighted to be offering such a competitively priced fixed rate range.”

He added: “Further cuts to fixed rates can only be good news for mortgage borrowers.”