MPowered Mortgages has reduced rates for the fourth time since the ‘mini budget’.

The fixed rate with the largest reduction since the mini budget is MPowered Mortgages’ five-year fixed rate, which has seen a total reduction of 140 basis points since mid-October.

For the latest round of reductions, rates on MPowered’s five-year fixed products for remortgages have seen reductions by up to 0.35 percentage points and now start at 4.89%. Rates on its five-year fixed products for purchase applications have seen reductions by up to 0.30 percentage points and now start at 4.94%.

• Rates on its seven-year fixed products have seen reductions by up to 0.35 percentage points and now start at 4.89%.
• Rates on its 10-year fixed products have seen reductions by up to 0.14 percentage points and now start at 4.99%.
• Rates on its three-year fixed rate products have seen reductions by up to 0.25 percentage points and now start at 5.09%.
• Rates on its two-year fixed products have seen reductions by up to 0.44 percentage points and now start at 5.19%.

Stuart Cheetham, CEO of MPowered Mortgages, said:  “As a smaller fintech lender who is focused on speeding up the mortgage journey for homebuyers using the power of smart technology and artificial intelligence, we will continue to try and keep rates as low as we possibly can.

“This is crucial if we want to help people both on the housing ladder or trying to get on it, especially at a time when the cost-of-living continues to squeeze finances. However, whilst keeping rates low is important, seeking independent financial advice is too, as it will help borrowers choose a mortgage that best meets their individual needs.”