MPowered Mortgages will temporarily withdraw its current residential five-year fixed rates tomorrow at 5:30pm, with new products being released immediately afterwards.
According to a broker note, the lender said there was “limited funding” available at this pricing, meaning it may have to withdraw earlier than planned but it would always inform brokers that if this was the case.
The firm said any agreement in principle in progress would need to be submitted as a full mortgage application before 5:30pm on 18 July.
It added that applications submitted after this date would use new products.
The company said rates were increasing, citing swap rates and cost of funding, so it would updates its rates in line with the trend.
Stuart Cheetham, CEO of MPowered Mortgages, said: “Despite a fast moving market, MPowered has managed to extend its withdrawal notice until 5:30pm tomorrow in order to give brokers as much time as possible to submit applications. This has been achieved by working with our various partners, and reflects MPowered’s ongoing commitment to keeping rates for affordable as possible for as long as possible.
“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.”
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.
