MPowered Mortgages has announced a reduction in its 2-year fixed mortgage rates by up to 0.30%.
- The changes are effective from 5.30pm, Monday, 28 October, reflecting adjustments amid volatile swap rates.
- New 2-year fixed rates for purchase start at 4.11% at 60% LTV with a £999 fee.
- Remortgage 2-year rates begin at 4.29% at the same LTV with identical fees.
- CEO Stuart Cheetham advises borrowers to seek independent financial advice during this period.
MPowered Mortgages has made significant adjustments to its 2-year fixed mortgage rates, cutting them by up to 0.30%. This change comes into effect at 5.30pm on Monday, 28 October. Such a move is strategic, aimed at providing some relief to borrowers amidst fluctuating swap rates, indicating a proactive approach by the lender.
The lender has announced that for new purchase customers, the 2-year fixed rates now start as low as 4.11% at 60% loan-to-value (LTV), with an accompanying fee of £999. This competitive rate is designed to attract new borrowers looking for affordability and stability in their mortgage commitments.
Similarly, for those considering remortgaging, MPowered Mortgages offers rates starting at 4.29% for a 2-year fixed period, also at 60% LTV with a £999 fee. This mirrors the structure provided to new purchase clients, ensuring consistency across their offerings.
Stuart Cheetham, CEO of MPowered Mortgages, has commented on the market dynamics, noting, “Swap rates have continued to rise in the last week, especially in the 5- and 10-year space as the Chancellor’s Autumn Budget draws near and financial markets are nervous.” This highlights the uncertain economic backdrop against which these rate changes have been implemented.
Cheetham further advises potential borrowers to exercise caution and engage with independent financial advisers before making decisions concerning their mortgages. His recommendation underscores the lender’s commitment to responsible borrowing advice during times of economic uncertainty.
These adjustments serve to position MPowered Mortgages as a responsive player in the current mortgage market.
