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MPowered Mortgages cuts prime resi rates; Virgin Money withdraws select products – round-up

  • 08/08/2023
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MPowered Mortgages cuts prime resi rates; Virgin Money withdraws select products – round-up
Fintech mortgage lender MPowered Mortgages reduced rates across its prime residential range, covering two, three and five-year fixed rates to make “borrowing as affordable as possible for customers during a period of instability for many”.

Within its two-year fixed rates, prime two-year fixed rates will start at 5.66 per cent at 60 per cent loan to value (LTV), a decrease of 0.13 per cent.

At 70 per cent LTV, deals begin from 5.76 per cent, at 80 per cent LTV, pricing starts t 5.86 per cent and at 85 per cent LTV products are offered at 5.91 per cent. This is dependent on arrangement fee.

Its two-year fixed remortgage rate is priced from 5.86 per cent.

On the three-year fixed rate side, products at 75 per cent LTV start from 5.74 per cent and at 85 and at 85 per cent LTV pricing begins at 5.82 per cent.

Three-year fixed rate remortgages have been cut to 5.49 per cent.

Five-year fixed rates at 75 per cent LTV begin at 5.44 per cent, down from 5.49 per cent previously, while deals at 85 per cent LTV start from 5.49 per cent, down from 5.54 per cent.

Remortgage five-year fixed rates are available from 5.49 per cent.

Emma Hollingworth, managing director of mortgages at MPowered Mortgages, said: “Amidst consumer concerns that mortgage rates are becoming unaffordable due to continued interest rate rises, MPowered is doing everything it can to keep rates as low as possible.

“This reflects our mission to support consumers with what is one of the biggest and most impactful financial decisions of their lives.”

She added: “These rate cuts make our products some of the most competitive in the market and we will continue to offer as much flexibility and choice as we can to ensure that customers are able to access the best product for them.

“In addition, we are working to transform the mortgage process using AI, in order to make the mortgage process as efficient as possible -giving brokers and customers increased certainty and control in this period of economic volatility.”


Virgin Money withdraws remortgage exclusives

Virgin Money has withdrawn five remortgage exclusive seven day special products.

This includes its two-year fixed rate at 70 per cent LTV with £1,495 fee at 5.9 per cent, and its five-year fixed rate at the same LTV tier at 5.4 per cent.

The lender has also taken down its five-year fixed buy-to-let rate at 50 per cent LTV with £2,195 fee at 5.3 per cent, along with products at 60 per cent LTV priced at 5.35 per cent and 75 per cent LTV deal coming to 5.55 per cent.

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