MPowered Mortgages has lowered their three-year fixed rate mortgages by up to 0.30%!

In a move that bucks the recent trend of rising mortgage rates, MPowered Mortgages has announced cuts to its three-year fixed rate products. This comes as a welcome relief for borrowers facing uncertainty in the mortgage market.

What are the new rates?

For those looking to buy a new home, rates now start from a competitive 3.93% for a 60% loan-to-value (LTV) mortgage. This means if you have a 40% deposit, you could benefit from this lower rate. The lender charges a fee of £999 for this product.

If you’re looking to remortgage, rates start slightly higher at 4.08% for a 60% LTV mortgage, also with a £999 fee.

Why has MPowered Mortgages cut rates?

The company’s CEO, Stuart Cheetham, explained that the upcoming Autumn Budget and concerns about potential unfunded tax cuts have caused some instability in the market. This has led to many lenders actually increasing their rates in recent times.

Cheetham highlighted that “swap rates”, which are used to price fixed-rate mortgages, have also gone up, making it harder to predict where mortgage rates might go in the near future.

Despite this, MPowered Mortgages remains committed to offering competitive rates to customers. By cutting their three-year fixed rates, they aim to provide some much-needed stability and affordability for borrowers.

This is a positive development for those considering buying a home or remortgaging their existing property. With rates now lower, it could be a good time to explore your options and secure a competitive deal.