MPowered Mortgages has made further cuts to its three-year fixed rate purchase and remortgage products.

The reductions affect three-year fixed rate purchase products with £0 fee options. The new rates are 4.37% for 65% LTV, 4.49% for 70% LTV, 4.51% for 75% LTV and 4.75% for 80% LTV.

Three-year fixed rate remortgage products with either cashback or legal fee saver options on £999 and £0 fee options have also been reduced by up to 0.50%.

These rate cuts mark the fifth time the lender has cut its rates since the start of August.

Stuart Cheetham, CEO of MPowered Mortgages, said: “We are delighted to be cutting rates for the fifth time since the start of August. Competition heating up between lenders is making now an ideal opportunity for borrowers to get their first foot on the ladder.

“We would nevertheless urge borrowers to seek advice so that they both find the best deal that suits their needs as well as the best deal based on true cost, not just those with headline-grabbing rates.”