MPowered Mortgages has reduced rates across its residential fixed rate range by up to 76 basis points.

This includes its two, five and 10-year fixed rate products.

The new reductions will be applied across its product range, including for both purchase and remortgage applications.

Rates on its two-year fixed products with a £999 arrangement fee have been reduced by up to 46 basis points and now start at 5.79%. Rates on its two-year fixed products with a £0 arrangement fee have been reduced by up to 51 basis points and now start at 6.04%.

Rates on its five-year fixed products with a £999 arrangement fee have been reduced by up to 15 basis points and now start at 5.24%. Rates on its five-year fixed products with a £0 arrangement fee have been reduced by up to 20 basis points and now start at 5.44%.

Rates on its 10-year fixed rate products with a £999 arrangement fee saw reductions by up to 68 basis points and now start at 5.09%. Rates on its 10-year fixed products with a £0 arrangement fee saw reductions by up to 76 basis points and now start at 5.33%.

Remortgage applications also benefit from £500 cashback on completion.

MPowered Mortgages’ new rates will be available to its network of brokers who have access to its prime residential range, which is currently available via limited distribution.

Emma Hollingworth, director of mortgages at MPowered Mortgages, said: “Despite the base rate rising by a further 75 basis points, we at MPowered Mortgages are committed to keeping rates as low as possible to support homebuyers through these challenging times.

“This move is one of the many initiatives we have launched to ease the burden of buying a home or remortgaging in the current market. We will work with the industry and policy makers to do everything we can to keep rates as low as possible.”