MPowered Mortgages has made wide-ranging cuts to its range of fixed rate mortgages.

Five-year fixed rates start at 4.14% for 60% LTV.

There is a £999 fee for new purchase customers.

Stuart Cheetham, CEO of MPowered Mortgages said: “With the Bank of England decision clearly on a knife edge, we thought we’d give borrowers some good news in advance by reducing our fixed rate mortgages ahead of the announcement.

“The rate cuts are substantial, particularly in the five-year space and are designed to offer very competitive rates across all LTVs, not just rate grabbing headlines.”