MPowered Mortgages has announced a major cut to its fixed-rate mortgages following the Bank of England’s decision to keep interest rates on hold.

This means you could bag yourself a cheaper deal whether you are buying a new home or looking to remortgage your existing property.

Here’s the lowdown:

Two-Year Fixed Rate Deals:

• Buyers: Rates now start from a competitive 4.76% for those borrowing 60% of their property’s value (known as Loan-to-Value or LTV) with a £999 arrangement fee. If you would rather dodge the fee, rates start slightly higher at 4.99% for a 60% LTV.
• Remortgagers: If you are looking to switch your current mortgage to a new deal, you can grab a two-year fix from 5.12% with no arrangement fee at 60% LTV. This goes up to 5.23% for a 70% LTV.

Five-Year Fixed Rate Deals:

• Buyers: Fancy locking in your rate for longer? Five-year fixes are now available from 4.47% with a £999 arrangement fee at 65% LTV. No fee? No problem! You can still secure a rate from 4.55% at 65% LTV or 4.57% at 70% LTV.
• Remortgagers: Looking for that long-term peace of mind? Five-year fixed remortgages now start at 4.69% with no arrangement fee at 65% LTV. For those borrowing 75% of their property’s value, the rate rises to 4.74%.

MPowered’s Quick Action a Boost for Borrowers:

MPowered Mortgages has stressed its commitment to providing competitive deals. Matt Surridge, Sales Director at MPowered Mortgages, said: “We are the first lender to lower our mortgage rates in response to last week’s Bank of England announcement, a move which we hope will bring welcome relief to homeowners and purchasers alike.”