MPowered Mortgages has taken a notable step by reducing its fixed-rate offers, contrary to the current upward trend in mortgage rates.
- This strategic adjustment includes a reduction of up to 0.28% on two and three-year fixed-rate mortgages.
- Rates for new purchase customers now start at 4.21% for two-year and 4.19% for three-year terms at 60% loan-to-value.
- The reductions follow a significant decrease in MPowered’s standard variable rate by 0.75%.
- CEO Stuart Cheetham advises caution and underscores the importance of seeking independent advice amidst uncertain market conditions.
MPowered Mortgages is making headlines by reducing its fixed-rate offerings, a move that contrasts with the prevailing trend of increasing rates in the market. The lender is offering reductions of up to 0.28% for both two and three-year fixed-rate mortgages. These changes are available for both new purchases and remortgage customers, and they reflect a proactive approach in a volatile market environment.
For new purchase customers, the two-year fixed rates have been adjusted to start at 4.21% for a 60% loan-to-value with a £999 fee. Similarly, the three-year fixed rates commence at 4.19% under the same loan-to-value conditions. This decision marks a significant rate decrease, where all rates in the two-year range are cut by at least 0.14%, with a majority seeing reductions of at least 0.20%.
In addition to these rate cuts, MPowered Mortgages has recently lowered its standard variable rate by 0.75%, bringing it down to 6.74%. This reduction is aimed at providing relief to both new and existing borrowers amidst a challenging financial landscape. Stuart Cheetham, the company’s CEO, notes that they are pleased to be among the few lenders reducing rates in such uncertain times.
Cheetham further offers prudent advice, indicating that while the reductions are beneficial, borrowers should remain cautious. He highlights the unpredictability of future mortgage rates and suggests that individuals seek independent financial advice before making mortgage decisions. His statement reflects an understanding of the broader economic headwinds that can influence mortgage costs in the upcoming periods.
MPowered Mortgages’ rate reductions stand out in a period marked by overall volatility, signalling a strategic move in a complex market.
