MPowered Mortgages has reduced its five-year fixed rate residential mortgage products by 0.15%, with rates now starting from 5.49%.

This follows the lender cutting rates across its two-year range last week by up to 0.36%, and its three-year fixed range by up to 0.45%.

Rates on its five-year fixed mortgages with a £1,999 fee now start at 5.49% (5.64% previously), at 5.54% with a £999 arrangement fee (previously 5.69%) and with no arrangement fee its five-year fixed rates start at 5.69% (previously 5.84%).

The lender has also extended cashback across its two-year fixed products with £999 and £1,999 arrangement fees. Borrowers will now benefit from £1,000 cashback for remortgages, and £500 cashback for purchases on loans greater than £200,000.

Emma Hollingworth (pictured), managing director of mortgages at MPowered Mortgages, said: “Swap rates continue to fall, giving us the opportunity to reduce rates on the remainder of our prime residential product range, following rate reductions on our two- and three-year fixes last week.

“Affordability remains a key challenge and it is vital that lenders are doing everything they can to keep rates as affordable as possible throughout this challenging period. That being said, borrowers should ensure they are seeking independent financial advice, to ensure they are getting the most suitable product for them at this time.”

“Rates reductions on its five-year fixed product range will apply across product options, including both purchase and remortgage products up to 85% LTV.”