MPowered Mortgages has lowered its fixed rates in response to the Bank of England’s decision to hold rates last week.

It has reduced its entire range of two-year fixed rates, which now start at 4.76% (down from 4.87%) at 60% LTV with a £999 arrangement fee. For those not wanting to pay an arrangement fee, rates start from 4.99% (down from 5.09%) on a 60% LTV.

For remortgagers, two-year fixed loan rates start on the no arrangement fee options from 5.12% (down from 5.24%) on a 60% LTV, rising to 5.23% (down from 5.36%) for those on a 70% LTV.  

All five-year fixed rates have also been lowered for rates 75% LTV and lower for both purchase and remortgage. For purchasers looking for a five-year fixed loan, rates now start at 4.47% (down from 4.53%) at 65% LTV with a £999 arrangement fee. For those not wanting to pay an arrangement fee, rates start from 4.55% (down from 4.63%) on a 65% LTV and 4.57% (down from 4.66%) for those on a 70% LTV.

For remortgagers, five-year fixed loans with no arrangement fees now start from 4.69% (down from 4.73%) on a 65% LTV, rising to 4.74% (down from 4.79%) for those on an 75% LTV.

Matt Surridge (pictured), sales director of MPowered Mortgages, said: “We pride ourselves on being a lender that is known for being fast and efficient with the service we offer brokers and their customers. We are also quick to react to news that might benefit our customers, particularly concerning the Bank of England base rate decisions, and endeavour to pass on lower rates as fast as we can.

“We are the first lender to lower our mortgage rates in response to last week’s Bank of England announcement, a move which we hope will bring welcome relief to homeowners and purchasers alike.”