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MPowered Mortgages reduces three-year fixed rates

  • 25/07/2023
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MPowered Mortgages reduces three-year fixed rates
MPowered Mortgages has cut its three-year fixed rate residential mortgage range by up to 0.45 per cent, the second time it has cut mortgage rates in under a week.

For remortgage applications, rates for three-year fixed rates with a £1,999 arrangement fee start from 5.79 per cent, down from 6.24 per cent previously.

Deals with a £999 arrangement fee are priced at 5.94 per cent, a decrease from 6.34 per cent previously.

For purchase applications, three-year fixed rates start from 5.84 per cent.

Stuart Cheetham, CEO of MPowered Mortgages, said: “Swap rates have dropped substantially in the last 10 days. We are therefore taking the opportunity to reduce another fixed rate range, passing on the benefit of improving swap rates to borrowers.

“While we hope this is good news for borrowers, it’s still a very challenging time to be a mortgage holder or buy a home, so we would urge borrowers to speak to a financial adviser before making any decisions about a mortgage.”

He added: “Rates reductions will apply across all three-year product options, including both purchase and remortgage products up to 85 per cent loan to value (LTV).”

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