MPowered Mortgages has cut rates on its three-year fixed rate mortgages, making them a tempting option in these uncertain times.

Here’s what you need to know:

• New buyers can now get a three-year fixed rate from just 3.93%.
• For those looking to remortgage, rates start a touch higher at 4.08%.
• Both deals come with a £999 fee and are based on a 60% loan-to-value (LTV) ratio – that means you’ll need a 40% deposit.

This move bucks the trend of many lenders hiking their rates due to the current economic uncertainty. It seems MPowered Mortgages are determined to offer homeowners some stability.

Why are rates changing?

Behind the scenes, it’s all about something called ‘swap rates’ – these are financial instruments that determine the cost of fixed-rate mortgages for lenders.

Stuart Cheetham, CEO of MPowered Mortgages, explains: “Swap rates have been rising, creating more uncertainty about where mortgage rates will go in the coming weeks and months.”

Adding to the uncertainty is the Chancellor’s upcoming Autumn Budget, which has sparked concern about potential tax cuts and their impact on the economy.

What does this mean for you?

In a nutshell, it’s a confusing time to be a homeowner or potential buyer! With so much up in the air, getting advice from an independent financial expert is more important than ever.

As Mr Cheetham points out, “Independent financial advice has never been so important and we would urge borrowers to get advice before making any decisions when it comes to their mortgage.”

So, before you dive into any mortgage deals, have a chat with an expert to make sure you’re getting the best deal for your individual circumstances.