MPowered Mortgages has reduced its two-year fixed rate range by up to 30 basis points.

Two-year rates for new purchase customers, now start from 4.11% at 60% LTV with a fee of £999.

Two-year rates for remortgage customers start at 4.29% at 60% LTV with a £999 fee.

On 24 October, the lender cut its three-year rates by an equal amount, with rates starting from 3.93%.

Stuart Cheetham, CEO of MPowered Mortgages, said: “Swap rates have continued to rise in the last week, especially in the five and 10-year space as the Chancellor’s Autumn Budget draws near and financial markets are nervous.

“Despite this, we are still reducing our two-year rates today following on from our three-year fixed rate reductions last week.

“We urge borrowers to seek independent financial advice before making any decisions when it comes to their mortgage especially during this time of mortgage rate volatility.”