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TMW slashes switcher rates; MPowered Mortgages reduces five-year fixed pricing – round-up

  • 31/07/2023
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TMW slashes switcher rates; MPowered Mortgages reduces five-year fixed pricing – round-up
The Mortgage Works (TMW) has reduced rates in its switcher range by up to 0.85 per cent for existing customers.

The lender has cut two, three, five and 10-year fixed rates along with tracker products.

This includes its two-year fixed rate at 55 per cent loan to value (LTV), which has decreased by 0.85 per cent to 4.99 per cent.

Its three-year fixed rate at 65 per cent LTV has fallen by 0.7 per cent to 5.29 per cent and its five-year fixed rate at 75 per cent LTV has gone down by 0.4 per cent to 5.34 per cent.

The lender’s two-year tracker rate at 65 per cent LTV has reduced by 0.05 per cent to 5.04 per cent.

The above products are subject to a three per cent fee.

TMW’s 10-year fixed rate with a fee of £1.495 fee at 75 per cent LTV has decreased by 0.45 per cent to 5.49 per cent.

Dan Clinton, head of specialist lending at TMW, said: “As one of the UK’s leading buy-to-let lenders, TMW offers landlords a broad range of options to meet their varying needs. These latest rate reductions showcases our continued commitment and support to our existing customers helping them to manage their finances through our competitive rates.”


MPowered Mortgages cuts five-year fixed rates

MPowered Mortgages has cut five-year fixed residential rates by up to 0.15 per cent with rates beginning from 5.49 per cent.

Rates on its five-year fixed rates with £1,999 fee start from 5.49 per cent, compared to 5.64 per cent previously.

Its five-year fixed rate with a £999 fee has decreased from 5.69 per cent to 5.54 per cent and its fee-free version has decreased from 5.84 per cent to 5.69 per cent.

MPowered Mortgages has extended cashback across its two-year fixed rates with £999 and £1,999 arrangement fee.

Borrowers will be eligible for £1,000 cashback for remortgages and £500 cashback for purchases on loans more than £200,000.

Emma Hollingworth, managing director of mortgages at MPowered Mortgages, said: “Swap rates continue to fall, giving us the opportunity to reduce rates on the remainder of our prime residential product range, following rate reductions on our two and three-year fixes last week.

“Affordability remains a key challenge and it is vital that lenders are doing everything they can to keep rates as affordable as possible throughout this challenging period. That being said, borrowers should ensure they are seeking independent financial advice, to ensure they are getting the most suitable product for them at this time.”

Rates reductions on its five-year fixed product range will apply across product options, including both purchase and remortgage products up to 85 per cent LTV.

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