MPowered Mortgages has reduced rates across its range of prime residential mortgage products.

All mortgage rates on its two, three and five-year fixed rates have come down by at least 0.05%.

On its prime two-year fixed products at 60% LTV, the lender is now offering rates from 5.66% – a decrease of 0.13%. Meanwhile, consumers choosing products at 75% LTV, 80% LTV or 85% LTV can access rates from 5.76%, 5.86% and 5.91% respectively, depending on the chosen size of the arrangement fee. In addition, its remortgage two-year fixed rate products now start at 5.86%.

MPowered Mortgages’ three-year range products have also seen reductions, with products at 75% LTV from 5.74% and products at 85% from 5.82%. Rates on remortgage three-year fixed rate products in the lender’s range have been reduced to as little as 5.49%.

Five-year fixed rates at 75% now begin at 5.44%, down from 5.49%, with five-year fixed rates at 85% LTV beginning at 5.49%, down from 5.54%. Remortgage five-year fixed rate products are now available at 5.49%.

Emma Hollingworth, managing director of mortgages at MPowered Mortgages, said: “Amidst consumer concerns that mortgage rates are becoming unaffordable due to continued interest rate rises, MPowered are doing everything they can to keep rates as low as possible. This reflects our mission to support consumers with what is one of the biggest and most impactful financial decisions of their lives.

“These rate cuts make our products some of the most competitive on the market and we will continue to offer as much flexibility and choice as we can to ensure that customers are able to access the best product for them. In addition, we are working to transform the mortgage process using AI, in order to make the mortgage process as efficient as possible -giving brokers and customers increased certainty and control in this period of economic volatility.”