MPowered Mortgages has further reduced rates across its suite of two and five-year fixed products.

On its prime two-year fixed products, rates have seen reductions of up to 0.31%. Rates now start at 4.54% on purchases, and 4.39% for remortgages with a £1,999 arrangement fee. For consumers looking for a two-year fixed product without an arrangement fee, rates now start at 4.94% for both purchases and remortgages.

MPowered Mortgages has also reduced rates across its full range of five-year fixed rate products. New rates on five-year fixed rate products begin at 4.13% for those to remortgage. Elsewhere, five-year fixed products for purchases start at 4.14%.

All applications with MPowered include a free valuation, with remortgage applications also benefitting from £500 cashback on completion.

The changes follow MPowered’s recent announcement that it has increased its maximum loan-to-income (LTI) ratio to up to 5.5 times for employed applicants.

Emma Hollingworth, managing director of mortgages at MPowered Mortgages, said: “We are delighted to announce our new rates as part of efforts to meet the needs of homeowners and buyers during what is a challenging time to purchase or remortgage a home. The good news is rates are coming down, and we hope to continue to be able to offer competitive mortgages to prospective and existing homeowners.

“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.”