MPowered Mortgages has lowered rates across its two and five-year fixed mortgages ranges.

Rates now start from 4.37% (down from 4.59%) for the five-year and 4.67% (down from 4.84) for the two-year fixed rate purchase mortgage.

The fees on the above mortgages are £999.

Matt Surridge, sales director of MPowered Mortgages, said: “Following the Bank of England decision last Thursday to hold rates, swaps rates have fallen on the anticipation that rate cuts, which whilst not necessarily imminent, are now seemingly ‘nailed on’ for later in the summer and that the UK and US interest rate policy is now increasingly likely to diverge.

“The swap markets are moving at pace at present and it is important that as a responsible lender we are able to react and pass on any savings we can to borrowers.

“I’m therefore really pleased we are one of the first, if not the first to cut rates this week having already cut rates once in the past week.”