MPowered Mortgages has cut rates across its range of two, three and five-year fixed products, with sub 5% rates now available.

Five-year fixed rate products now start at 4.84% for the £1,999 fee product, 4.94% for the £999 arrangement fee product and 4.99% for the £0 fee product. For those remortgaging, rates start at 4.89% for both the free legals and cashback products.

On its two-year fixed products, rates now start at 5.11% on purchases, and 5.41% for remortgages with a £999 arrangement fee. For those refinancing rates start at 5.41% with a choice of up to £1,000 cashback or free legal options. For consumers looking for a two-year fixed product without an arrangement fee, rates now start at 5.52% for both purchases and remortgage.

MPowered Mortgages has also reduced rates by 20bps across its full range of three-year fixed rate products. New rates on three-year fixed rate products begin at 5.04% for products with a £999 fee. For £0 fee products, three-year fixed rate products start at 5.34%.

All applications with MPowered include a free valuation, with an additional £500 cashback boost on most loans above £200,000 on completion.

Matt Surridge, sales director of mortgages at MPowered Mortgages, said: “As a prime mortgage lender, these new rates are part of our continued efforts to support homeowners and buyers during what is a challenging time to own a home. In this higher interest rate environment, we’re endeavoring to offer as competitive mortgage rates as possible, to ensure borrowers can achieve their homeowning ambitions.

“As ever, seeking independent professional advice is critical for those looking to buy or remortgage at this point in time. Brokers can help borrowers access and understand the products most suited to them, allowing them to make an informed decision when it comes to their mortgage.”