MPowered Mortgages has announced rate reductions across its complete range of fixed rate products. 

On the lender’s prime residential two-year fixed mortgage rates have seen reductions of up to 0.12 percentage points. For a two-year fixed product without an arrangement fee, rates now start at 6.07% for both purchases and remortgages.

Rates on its range of three-year fixed products have also been reduced, falling by up to 0.10 percentage points. For purchasers paying an arrangement fee of £2,495, rates begin at 5.54% for purchasers and 5.49% for remortgages, while purchasers and remortgagers who are not paying an arrangement fee can benefit from rates from 5.89% and 5.94% respectively.

MPowered Mortgages has also reduced all its rates on its five-year fixed range, with rates for purchasers beginning at 5.24%, and rates for remortgagers beginning at 5.29% – both with a £1,999 arrangement fee. On five-year fixes without an arrangement fee, rates now start at 5.44% for purchases and 5.49 for remortgages.

This marks the second round of rates reductions by MPowered Mortgages in September.

Stuart Cheetham, CEO of MPowered Mortgages, said: “At MPowered, we are committed to keeping our rates as affordable as possible for our customers. Given the swap markets are beginning to stabilise for now and with inflation decreasing to 6.7% in August, we are optimistic that a more stable economic landscape will help drive activity in the mortgage market throughout the remainder of the year.

“Borrowers looking to take advantage of these new rates to seek independent professional advice in order to ensure a comprehensive understanding of the products on offer and how they match up to their requirements.”