MPowered Mortgages has announced reductions in its fixed-rate mortgage products at a time when many other lenders are increasing their rates.
The new rates include a decrease in the 3-year fixed remortgage products starting from 4.49%, reduced from 4.59% at 60% LTV with a £999 arrangement fee.
Similarly, the starting rate for purchasing with a 3-year fixed loan at 60% LTV is now 4.59%, down from 4.67%.
For those looking to avoid arrangement fees, reduced rates are also available, further expanding accessible financing options.
For 2-year fixed loans, rates now start at 4.84% at 60% LTV with a £999 arrangement fee, a decrease from the previous 4.95%. No arrangement fee options have similarly seen reductions across various loan-to-value rates.
Matt Surridge, sales director at MPowered Mortgages, commented on the market situation and the company’s response: “Mortgage rates have been increasing in recent weeks, but we think we have hopefully now seen the end of this.
“Rising rates have primarily been in response to predictions around the timing and extent of Bank of England rate cuts and given that inflation has proven to be rather stubborn, the date of the first expected cut has been pushed out to the summer months.
“Whilst we can expect some level of volatility in mortgage rates in the coming weeks, there are positive signs that rates will start coming down in the not too distant future.
“We are pleased to be one of the first lenders that is able to reduce rates which goes against the current trend which is seeing multiple high street banks and lenders increase rates.”
Surridge added, “Borrowers looking to take advantage of these new rates should seek independent professional advice.”
