In a broker note, the firm said any agreement in principle in progress would need to be submitted as a full mortgage application before midnight on 29 May.
It said applications submitted after this date would be subject to the new product rates.
The company said it was increasing the rates because swap rates and cost of funding had “increased rapidly in the last week”.
“We’re updating our rates in line with this current upward trend. We’re sorry about the short notice for these changes,” the firm said.
Stuart Cheetham, CEO of MPowered Mortgages, said: “We are currently reviewing rates in light of growing expectations that the Bank of England will raise interest rates further over the summer. While they will be going up in line with swap rates, MPowered remain committed to keeping rates as affordable as is possible at this time, and lenders across the industry should be doing their utmost to do the same.
“We know getting a mortgage continues to be a struggle, especially in this cost of living crisis, which is why we are doing what we can to support brokers and their customers. In recent weeks, we have increased cashback incentives to £1,500 and are also working hard to automate the mortgage journey (using the power of AI) to help people get mortgage offers more quickly.”
Foundation shelves BTL and resi ranges
Foundation Home Loans has withdrawn all its specialist products for both buy-to-let and residential ranges.
The lender said decisions in principle (DIP) will need to be submitted by the end of today and all full mortgage applications will need to be provided by close of business on 1 June.
Foundation said new products would be offered on 31 May. Foundation was contacted for comment.
State Bank of India UK takes down BTL deals
State Bank of India (SBI) UK said that from 5pm today it would be withdrawing its buy-to-let mortgage deals as the company reviews its pricing.
The firm said brokers would need to ensure that any DIP with the current range is fully submitted by 5pm today and DIPs after this point would not be accepted.
SBI said it would bring out a “refreshed product range as soon as practical” after the Bank Holiday.
The company added that applications must reach the offer stage within 90 days of submission or a new product may be selected or further underwriting may be required.
SBI UK was contacted for comment.
