MPowered Mortgages has launched its new residential three and seven-year fixed rate mortgage ranges.

The new ranges are available for both purchase and remortgage customers.

The new products add to MPowered Mortgages’ existing range of fixed rate residential mortgages including its two, five and 10-year fixed rate mortgages. Today’s launch follows the lender announcing that it cut rates across its two, five and 10-year range by up to 76 basis points last week.

MPowered Mortgages’ new three-year fixed rate range will launch with rates starting from 5.44% available up to 85% LTV, while rates for the seven-year fixed rate products will start from 5.24% available up to 85% LTV.

Both the three and seven-year fixed ranges will include a free valuation, and a choice of £0 arrangement fee. All remortgage applications also benefit from £500 cashback.

Emma Hollingworth (pictured), managing director of mortgages at MPowered Mortgages, said: “Offering homebuyers and remortgagers more options with competitive rates at a time when choosing a mortgage has never been so tough is crucial. This is why we are expanding our range of fixed rate products.

“Many homebuyers still want certainty over their monthly payments both in the short and long term, so it’s important that we continue to respond to their needs. At MPowered Mortgages, we remain committed to both improving and speeding up the homebuying journey using the power of AI as well as providing them with products that best meet their needs.”