MPowered Mortgages has countered the trend of increasing mortgage rates by reducing its fixed rates for two and three-year terms by up to 0.28%.
- Their two-year fixed rate now begins at 4.21% for a 60% loan-to-value (LTV) with a £999 fee.
- The three-year fixed rate commences at 4.19% for the same LTV and fee.
- These reductions come after a 0.75% cut in their standard variable rate (SVR) to 6.74%.
- Borrowers are advised to consult independent advice due to ongoing market volatility and uncertainties.
MPowered Mortgages has taken a bold step in the current financial landscape by reducing its fixed rates for two and three-year mortgage terms by up to 0.28%, diverging from the general upward trend in mortgage rates. This decision is particularly significant given the volatile nature of the market and the pressures faced by customers seeking new mortgage deals.
For new purchase customers, the two-year fixed rate now starts at 4.21% for those securing a mortgage with a 60% loan-to-value ratio, accompanied by a £999 fee. Similarly, the three-year fixed rate offers a starting point of 4.19% for the same loan-to-value and fee structure, providing a competitive option for those in the market.
The changes in these rates are a continuation of MPowered Mortgages’ strategy to provide more favourable terms for consumers, following their recent reduction of the standard variable rate by a full 0.75%, bringing it down to 6.74%. This reduction aims to assist both new and existing borrowers during a time of financial uncertainty.
CEO Stuart Cheetham highlighted the company’s commitment to providing attractive rates amidst market volatility, noting the importance of cautious decision-making for borrowers. “We are pleased to be among the few lenders reducing rates at a time when many others are increasing them,” he remarked, reinforcing the company’s proactive approach.
Despite these advantageous rates, Cheetham urges customers to remain vigilant and seek independent advice before making mortgage commitments. This caution is due to the current economic headwinds and the unpredictable direction of mortgage rates in the foreseeable future.
MPowered Mortgages’ rate cuts emphasize their strategic adaptability and commitment to supporting borrowers in a fluctuating market.
