MPowered Mortgages has announced cuts to its fixed mortgage rates. The company has reduced rates across its 2-year and 5-year fixed rate ranges

For those considering locking in their mortgage rate, MPowered now offers more attractive terms. Starting from a lowered rate of 4.37%—a drop from the previous 4.59%—the 5-year fixed rate range is looking more appealing. Similarly, the 2-year fixed rate purchase mortgage now starts at 4.67%, reduced from 4.84%. Both options come with a standard £999 fee, making them competitive choices in the current market.

Why the Cut?

Matt Surridge, the Sales Director of MPowered Mortgages, explains the reasoning behind these timely rate cuts. Following the Bank of England’s recent decision to maintain the current interest rates, the swap rates (the interest rate that financial institutions use to determine mortgage rates) have decreased. This decrease is based on the market’s anticipation of potential rate cuts later in the summer.

Surridge explains, “The swap markets are moving at pace at present and it is important that as a responsible lender we are able to react and pass on any savings we can to borrowers.”