MPowered Mortgages has announced a significant reduction in its 2-year fixed rate offerings, effective immediately.
- Rates are now reduced by up to 0.30% following previous cuts on 3-year fixed rates.
- New purchase customers can access rates starting from 4.11% at 60% LTV with a £999 fee.
- Remortgage customers are also impacted, with rates beginning at 4.29% for similar terms.
- The decision aligns with a backdrop of rising swap rates and economic uncertainty.
MPowered Mortgages has introduced a noteworthy reduction of up to 0.30% in its 2-year fixed rate mortgage products. This change is effective from 5:30 pm, Monday 28th October, and follows the prior adjustment of a similar magnitude to their 3-year fixed rate products last Thursday. These steps indicate a strategic approach to remain competitive in a challenging market environment as swap rates continue to rise.
For new purchase customers, the 2-year fixed rates now present an attractive proposition starting from just 4.11% at 60% loan-to-value (LTV), with an associated fee of £999. This move offers buyers more affordable entry points in the current economic climate, where financial decisions require careful consideration.
In parallel, remortgage customers benefit from this shift as well. They can now avail of rates starting at 4.29% at the same LTV ratio with the identical fee structure. These adjustments aim to provide financial relief and aid in decision-making as the economy navigates through periods of volatility.
Stuart Cheetham, CEO of MPowered Mortgages, has pointed out the ongoing rise in swap rates, particularly in the 5- and 10-year durations, coinciding with the upcoming Chancellor’s Autumn Budget, creating a climate of financial caution. “We urge borrowers to seek independent financial advice before making any decisions when it comes to their mortgage especially during this time of mortgage rate volatility.” This statement underscores the importance of informed decision-making amid unpredictable market conditions.
The strategic rate cuts by MPowered Mortgages highlight their commitment to offering competitive mortgage solutions despite market volatility.
