MPowered Mortgages, the one day mortgage lender, has, against a backdrop of rising swap rates, cut its 3-year fixed rate mortgages.

For new purchase customers, 3-year fixed rates now start at 3.88% with a 40% deposit paying a £999 fee and 4.08% with no fee. These rates will be effective from 9.00am on Tuesday 13th May.

OUTSTANDING VALUE

Peter Stimson (main picture), head of product at MPowered Mortgages, said: “We are delighted to be cutting rates once again and believe our 3-year fixed rates offer outstanding value in the market at present.

“Borrowers need to be aware that current mortgage deals might not be around for long as swap rates are now rising as tariff deals are now being struck, starting to allay some of the recessionary fears that were priced into the swap curves.

“We would urge borrowers to speak to a broker and secure a deal as soon as they can if they want to benefit from current rates.”