MPowered Mortgages has announced rate cuts across its full range of fixed-rate products, following a sharp drop in swap rates triggered by US President Donald Trump’s so-called “Liberation Day” tariff announcement.

The reductions, which take effect from 9am on Tuesday 8 April, apply to the lender’s two, three and five-year fixed deals. Rates have been lowered by as much as 0.21%, with the most competitive new offering starting at 4.04%.

The updated pricing includes a two-year fixed rate from 4.05% at 60% loan-to-value with a £999 fee, and from 4.29% with no fee. The three-year fixed rate now begins at 4.04% with a £999 fee and 4.15% without. Five-year fixes have also been adjusted, starting at 4.14% with a fee and 4.28% with no fee, all at 60% LTV.

The move comes amid volatility in global markets as investors react to the wider implications of the US tariffs. While the long-term impact on the UK economy remains uncertain, the immediate effect has been a notable easing of swap rates, giving lenders scope to reprice their offerings.

Stuart Cheetham, chief executive of MPowered Mortgages, said: “Since Trump announced the ‘Liberation Day’ tariffs we have seen a sharp fall in the swap rates which has enabled us to reduce our fixed rate mortgage rates.

“Whilst these tariffs could have a detrimental impact on the UK economy with increased prices putting extra strain on UK households, there is a silver lining for mortgage borrowers who will see rates come down over the coming week.

“As always, borrowers should seek independent financial advice before deciding on a mortgage deal.”