MPowered Mortgages has made cuts to its mortgage range which see rates for three and five-year mortgages fall below 4%.

New customers qualify for the lender’s lowest rate which is its five-year fixed rate mortgage at 60% LTV. This has been reduced to 3.87% with a £999 arrangement fee and 3.97% with no fee.

Its three-year fixed rate mortgage at 60% LTV has been cut to 3.99% with a £999 fee and 4.17% with no fee.

Two-year rates at 60% LTV have been cut to 4.24% with a £999 fee and 4.44% with no fee.

The cuts have been made across two, three and five-year fixed rates for both remortgage and new purchase customers and across all LTV bands with increases by 5% from 60-80% LTV.

Stuart Cheetham, CEO of MPowered Mortgages said: “We are delighted to be cutting rates yet again, now offering sub-4% rates across three and five-year fixed rates. With lenders cutting rates literally daily, at the moment, this is great news for borrowers making it an ideal time to purchase a home as well as bringing welcome relief to homeowners who are due to remortgage.

“Borrowers should always seek advice so that they find the best deal that meets their needs and based on true cost.”