MPowered Mortgages has reduced rates across its suite of five-year fixed products, and all three-year fixed products up to 75% LTV.

This is the eighth time the lender has reduced rates on its products since November 2022.

On its prime three-year fixed products with a £999 arrangement fee, the lender has reduced rates by 0.20 percentage points, with rates now starting at 4.54%. Meanwhile, consumers opting for a product with a no arrangement fee benefit from rate reductions of up to 0.27 percentage points, with rates now starting from 4.84%.

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 4.41% at 60% LTV. Elsewhere, it’s 75%, 80% and 85% LTV ranges have rates starting at 4.46%, 4.61% and 4.66%, respectively.

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

Emma Hollingworth (pictured), managing director of Mortgages at MPowered Mortgages, said: “We are committed to supporting brokers and their customers, which is why we have reduced rates to make our mortgages more affordable during what is a tough time to purchase or remortgage a home. We want to help individuals to fulfil their homeownership aspirations which is why keeping rates as low as possible is a priority for us as a lender.”