MPowered Mortgages has announced the launch of a number of new fixed rate mortgage products, as well as reductions in the rates for many of its existing fixed loans.
The lender is making a new slate of fixed rate 10-year products available to borrowers as of now. It is also reducing the rates for all of the three-year and two-year fixed rate loans that it already offers, with that coming into effect straight away too. Fixed two-year loans with 75% and 60% LTV and arrangement fees of £999 will see their rates reduced by 35 basis points.
The 85% and 80% LTV fixed two-year loans will see their rates go down by 30 basis points. MPowered is reducing rates on fixed two-year products with no fee and 75% or 60% LTV by 40 basis points, while for no-fee two-year fixed loans with LTV of 85% or 80% the reduction is 35 basis points.
When it comes to fixed three-year loans at 65% LTV, there is a 35 point rate reduction for both the £999 and no-fee products. The 85% and 80% LTV loans have 40-point fee reductions.
In addition to lowering the rates for most of its fixed-rate products, new 10-year fixed loans are now available from MPowered that come with starting rates of 4.79% and LTV of 75%. There are both £999 fee and no-fee options.
This is some great news for borrowers in a tough period and mortgage advisors with CeMAP training will welcome both the new range and reduced rates.
