MPowered Mortgages has announced select rate reductions across its three-year fixed-rate mortgage range by up to 0.22 percentage points.

This is the second time it has reduced rates already this year.

For purchase-only loans at 60% LTV rates now begin at 4.37% (previously 4.59%), while rates on loans at 75% LTV and 80% LTV begin at 4.49% (previously 4.69%) and 4.69% (previously 4.79).

Remortgage three-year fixed products begin at 4.46%, 4.58% and 4.93% for 60% LTV, 75% LTV and 80% LTV respectively.

Stuart Cheetham, CEO at MPowered Mortgages, said: “It is great to be able to bring our rates down again, following what has been a very positive start to 2024.

“We understand that many people will be facing significant financial pressures this year, which is why we are working to do everything in our power to make our products as accessible as possible.

“While there is cautious optimism about the outlook for rates this year, advisers will still need to continue to use their knowledge of the market to ensure buyers land on a deal that works for them.”