Rates on its two-year fixed mortgages with a £1,999 fee have been cut from 6.15 per cent to 5.79 per cent while deals with a £999 fee have dropped from 6.35 per cent to 5.99 per cent. For deals with no arrangement fee, the lender has cut the rate from 6.5 per cent to 6.34 per cent.
At the beginning of July the lender withdrew both two and five year fixed rates citing movement in swap markets and interests as its reason for rapid repricing to up its rate.
Speaking of the lender’s latest decision to reduce pricing, Stuart Cheetham (pictured), chief executive of MPowered Mortgages said: “Inflation is falling, swap rates are falling and this is why we are able to reduce our rates.
“We really want to do everything we can to keep rates as low as possible to support borrowers. Borrowers should nevertheless speak to a financial adviser to ensure they choose the right product that meets their individual circumstances.”
