Fixed rate reductions announced by MPowered

Rate reductions for both its three and two-year fixed mortgage products have been announced by MPowered Mortgages, making the company the latest lender to cut its rates.

These reductions will apply to the three and two-year fixed loans that have loan to value (LTV) of up to 85%. In practice, they mean that an 85% LTV fixed three-year mortgage from MPowered now comes with a rate of 4.77%. However, borrowers can also get this deal for an LTV of 75% if they wish. It marks a reduction of 0.07% in the rate compared with before.

When it comes to the 85% LTV fixed two-year mortgages, the starting rate is now 4.99%, which is a drop of 0.05%. There is also an 80% LTV fixed two-year loan available from MPowered that has a starting rate of 4.94%, which represents a 0.1% reduction.

All of these loans are available with valuations at no extra cost, with cashback of £500 on offer for people who are remortgaging their properties. Speaking to Mortgage Solutions, Emma Hollingworth from MPowered said:

“As economic uncertainty persists into the new year, we continue to see it as a priority to provide as much financial relief as possible for those looking to buy a home or remortgage in the current climate.”

She went on to say that people in both situations needed a full grasp of what loans were on offer to be able to make the smartest choice.

That is what mortgage advisors with CeMAP training should be promoting their ability to provide.


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