In response to current market volatility, MPowered Mortgages has announced significant reductions in its 3-year fixed mortgage rates.
- New purchase customers will benefit from rates starting at 3.93% at 60% LTV, with a fee of £999.
- Remortgage customers will see starting rates of 4.08% at 60% LTV, also with a £999 fee.
- These reductions come as other lenders are increasing rates due to market unease.
- CEO Stuart Cheetham highlights the importance of seeking independent financial advice in light of recent developments.
MPowered Mortgages has strategically reduced its 3-year fixed mortgage rates by up to 0.30%, aiming to provide competitive options during a period of market turmoil. The adjustments are effective immediately, offering new purchase customers a rate of 3.93% at 60% loan-to-value (LTV) with an associated fee of £999. This move is a calculated response to broader market tensions and is designed to attract new borrowers despite prevailing uncertainties.
Additionally, MPowered has set new remortgage rates at a baseline of 4.08% for the same LTV, maintaining the £999 fee structure. This strategic price adjustment positions the company competitively within the current lending landscape, where many other lenders are opting to increase their rates amid heightened market anxiety.
Stuart Cheetham, the CEO of MPowered Mortgages, remarked on the impending Chancellor’s Autumn Budget and the fiscal uncertainties surrounding it, particularly the market reactions to Rachel Reeve’s plans for tax cuts. He noted, “The markets have been spooked, with most lenders increasing rates over the past week.” Cheetham highlighted that swap rates, which influence fixed-rate mortgage pricing, are on the rise, injecting further unpredictability into future mortgage rate trends.
During this turbulent period for potential homeowners and those looking to remortgage, the need for sound financial advice is paramount. Cheetham urged borrowers to exercise caution and seek independent financial advice before making mortgage decisions, underscoring the critical significance of informed decision-making in the self-interested world of finance.
MPowered Mortgages’ rate cuts reflect a proactive stance in an unpredictable market landscape, emphasising the need for informed financial decisions.
