MPowered Mortgages has announced rate reductions across its fixed rate mortgage range.

The lender has introduced new rates on two and five-year fixed rate product ranges and has also added cashback across its entire range.

Rates have been cut by up to 25bps, with purchase-only rates now starting from 4.13%.

The cashback offer is now on all homebuying products.

Matt Surridge (pictured), sales director at MPowered Mortgages, said: “We are really pleased to be able to bring out new lower rates so early in 2024 and pass on the reduction in swap costs so quickly to our customers. We appreciate that it is a very tough market out there, and that is why we are delighted to be able to extend our cashback to our entire range to help with moving and remortgaging costs.

“We have listened to what our borrowers want, and whilst headline rates are very important, many of our customers also asked for upfront assistance. A £500 or £1,000 cashback helps with immediate costs, and on a 2-year fixed rate for a loan of £200,000, £500 is the equivalent of an additional 10+ bps of rate reduction.”