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

On its prime two-year fixed products, rates now start at 5.31% on purchases, and 5.61% for remortgages with a £999 arrangement fee. For consumers looking for a two-year fixed product without an arrangement fee, rates now start at 5.72% for both purchases and remortgages.

MPowered Mortgages has also reduced rates across its full range of three-year fixed rate products. New rates on three-year fixed rate products begin at 5.14% for those looking to purchase a new home and 5.15% for those remortgaging.

All applications with MPowered include a free standard valuation, with £500 cashback on selected homebuyers’ products on loans above £200,000 and £500 cashback on all remortgages with £1000 cashback on loans above £200,000, all cashbacks are paid on completion.

Matt Surridge, sales director of mortgages at MPowered Mortgages, said: “We are delighted to announce our new rates as part of our continued efforts to meet the needs of homeowners and buyers during what is a challenging time to purchase or remortgage a home. As rates continue to hold, we endeavor to continue offering 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.”