MPowered Mortgages has slashed its fixed rates for the third time in just two weeks, with five-year fixes now available from a record low of 4.01%.

This latest round of cuts sees rates tumble by as much as 0.22%, making it even cheaper to buy a new home. Here’s a breakdown of the new rates on offer:

• Five-year fix: From 4.01%
• Three-year fix: From 4.19%
• Two-year fix: From 4.41%

These deals are available to buyers borrowing at 60% Loan-to-Value (LTV) with a £999 fee.

But that’s not all! MPowered has also significantly reduced its Standard Variable Rate (SVR) from 8.74% to 7.49%, potentially saving existing customers a bundle.

The biggest winner in this latest rate cut is MPowered’s five-year fixed rate purchase product at 80% LTV with £0 fee. This deal has plummeted by 0.57% since the recent base rate cut.

These rate reductions apply across the board, with a particular focus on LTV tiers between 65-80%, reflecting the needs of the majority of homebuyers.

While these headline rates are certainly enticing, Stuart Cheetham, CEO of MPowered Mortgages, advises caution: “Against a backdrop of falling mortgage rates, we would nevertheless urge borrowers to not be hasty and ensure they speak to a broker so that they make an informed choice about their mortgage. Being pulled in by headline-grabbing rates might not necessarily be the best deal when factoring in the other fees.”

Cheetham also highlighted MPowered’s commitment to fair pricing: “We believe pricing by 5% bands, which we launched last week, is a fairer way to price mortgages, particularly for the majority of customers that fall into the 60-80% LTV band.”

So, while it’s tempting to jump on the lowest rate available, remember to always consider the bigger picture, including fees and charges, to secure the best mortgage for your individual circumstances.