MPowered Mortgages will withdraw its residential two-year fixed rate products tomorrow at 5:30pm, with new deals available after that time.
According to a broker note, the lender said that in “exceptional circumstances” it may have to withdraw earlier than planned but it would inform brokers if that was the case.
MPowered Mortgages said that any agreement in principle currently in progress would need to be submitted as a full mortgage application prior to 5:30pm tomorrow.
It added that applications submitted after this point will use new products.
A spokesperson for MPowered Mortgages said: “Given the movement in swap markets and interest rates, we, like any other lender are needing to reprice our products. However, we always aim to keep our products as competitively priced as possible as we pride ourselves on offering both the best service and products which meet the needs of borrowers in this fast-changing marketplace.”
Suffolk BS ups SVR
Suffolk Building Society has increased its standard variable rate to 8.69 per cent following the base rate increase in June to five per cent.
The change will be effective from 1 August and existing borrowers with a discount rate or paying the SCR will see their interest rate change in line with the increase from that date.
Existing base rate tracker mortgage account holders will also see the increase applied from 1 August.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
