MPowered Mortgages takes 75bps off its SVR

Published on

MPowered Mortgages has reduced its SVR by 75 basis points (bps) from 7.49% to 6.74%.

Its SVR tracks Bank of England Base Rate, so as well as the 25bps cut to the Bank of England Base Rate being passed on following last week’s Bank Rate decision by the central bank’s Monetary Policy Committee, MPowered has also lowered the tracker margin by a further 50bps.

The result is that MPowered’s SVR now tracks BBR at +1.99%.

Stuart Cheetham, CEO of MPowered Mortgages, said: “Although SVRs can often move up or down in line with changes to the Bank of England base rate, not all lenders pass on the full amount of any decrease (or increase for that matter) in the base rate to their SVR.

“We, however, are pleased to not only pass on the full Bank Base Rate reduction but also an additional 0.50% [sic] cut to fully support borrowers in the market.

“any future rates will be passed on”

“Additionally, our SVR, by tracking Bank Base Rate, is fully transparent to consumers and will mean any future rates will be passed on.

“As always, mortgage borrowers nearing the end of their mortgage deal should always seek independent financial advice so that they can make informed choices about what to do next.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Mansion tax plans resurface as Prime London prices slide

Thirteen years since the Liberal Democrats first proposed a Mansion Tax on properties over...

Starmer stands by Reeves despite new revelations over unlicensed let

Keir Starmer is refusing to reopen the investigation into Chancellor Rachel Reeves’ unlicensed lettings...

Chris Williams on being the architect of connection

For most of the last decade Chris Williams has been dissecting the machinery of...

Labour plan could see ‘affordable homes’ sold to private buyers

Labour is reportedly preparing to let developers sell off newly built “affordable homes” to...

Brokers urge 0.25% rate cut to revive housing market

Most mortgage brokers believe a small cut to the Bank of England’s Base Rate...

Latest publication

Other news

Mansion tax plans resurface as Prime London prices slide

Thirteen years since the Liberal Democrats first proposed a Mansion Tax on properties over...

Stuttering markets, steady brokers and why ‘free legals’ are still anything but

If you had to sum up Q3 2025 in the UK housing market then...

Starmer stands by Reeves despite new revelations over unlicensed let

Keir Starmer is refusing to reopen the investigation into Chancellor Rachel Reeves’ unlicensed lettings...