In a move that will be music to the ears of potential homebuyers, MPowered Mortgages has announced cuts of up to 0.3% on their two-year fixed-rate mortgages.

This follows hot on the heels of similar reductions to their three-year fixed rate products last week.

What are the new rates?

For those looking to buy a new home, rates now start from a competitive 4.11%. This is for borrowers with a 60% loan-to-value (LTV) ratio and comes with a fee of £999.

If you’re looking to remortgage your existing property, rates start slightly higher at 4.29% for a 60% LTV mortgage, also with a £999 fee.

Why the change?

These cuts come despite recent rises in ‘swap rates’ – the rates banks charge each other to borrow money, which often influence mortgage rates.

Stuart Cheetham, CEO of MPowered Mortgages, acknowledges the nervous energy in the financial markets ahead of the upcoming Autumn Budget. He believes that offering lower fixed-rate deals will provide some much-needed stability and reassurance to borrowers.

What should borrowers do?

Cheetham’s advice is clear: “We urge borrowers to seek independent financial advice before making any decisions when it comes to their mortgage, especially during this time of mortgage rate volatility.”

With mortgage rates constantly fluctuating, getting expert advice can help you secure the best possible deal for your individual circumstances.