MPowered Mortgages has announced rate reductions across its fixed rate products.

The lender’s prime residential two-year fixed mortgage rates have seen reductions of up to 0.15%. Two-year fixed rate products without an arrangement fee, start at 5.92% for both purchases and remortgages.

For three-year fixed rate mortgages with an arrangement fee of £999, rates begin at 5.49% for purchasers and 5.50% for remortgages. Three year fixed rates with no arrangement fee benefit from rates as low as 5.69% for remortgages and 5.50% for purchases.

MPowered Mortgages has also reduced all its rates on its five-year fixed range, with rates for purchasers beginning at 5.09%, and rates for remortgagers beginning at 5.14% – both with a £1,999 arrangement fee. On five-year fixes without an arrangement fee, rates now start at 5.29% for purchases and 5.34% for remortgages.

This marks the fourth round of rates reductions by MPowered Mortgages in September.

Stuart Cheetham, CEO of MPowered Mortgages, said: “At MPowered, we are committed to keeping our rates as low as possible for our customers. Given the swap markets have seen notable stability since the BoE’s announcement and inflation continues to hold firm, we are optimistic that a more stable economic landscape will help drive activity in the mortgage market throughout the remainder of the year.

“Borrowers looking to take advantage of these new rates should look to seek independent professional advice in order to ensure a comprehensive understanding of the products on offer and how they match up to their requirements.”