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Barclays slashes rates; MPowered Mortgages reduces pricing – round-up

by: Peter Taberner
  • 28/09/2023
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Barclays slashes rates; MPowered Mortgages reduces pricing – round-up

Within its residential range, select purchase only, remortgage only and purchase and remortgage products will fall.

In its reward range, residential and buy-to-let deals will be cut.

Its two-year fixed remortgage rate at 60 per cent loan to value (LTV) will decrease from 5.88 per cent to 5.28 per cent.

Its two-year fixed remortgage rate at 75 per cent LTV for purchase and remortgage will fall from 5.93 per cent to 5.39 per cent.

In its reward range, its two-year fixed rate at 85 per cent LTV will go down from 6.32 per cent to 5.92 per cent.

The deals have a minimum loan size of £5,000 with the maximum loan size set at £2m. It also comes with a £999 fee.


MPowered Mortgages to cut fixed rates

MPowered Mortgages has made a series of rate reductions across its collection of fixed rate products, which marks the fourth round of rate cuts for September alone.

The lender’s residential two-year fixed mortgage rates have fallen by up to 0.15 per cent. Its two-year fixed rate products without an arrangement fee begin at 5.92 per cent for both purchases and remortgages.

For its three-year fixed rate mortgages with an arrangement fee of £999, rates begin at 5.49 per cent for purchasers and 5.50 per cent for remortgages. As for its three-year fixed rates with no arrangement fee, they will benefit from rates as low as 5.69 per cent for remortgages and 5.50 per cent for purchases.

The lender has also reduced all its rates on its five-year fixed range packages, with rates for purchasers beginning at 5.09 per cent, and rates for remortgagers beginning at 5.14 per cent, both with a £1,999 arrangement fee.

On five-year fixes without an arrangement fee, rates now start at 5.29 per cent for purchases and 5.34 per cent for remortgages.

Stuart Cheetham, CEO of MPowered Mortgages, said: “At MPowered, we are committed to keeping our rates as low as possible for our customers. Given the swap markets have seen notable stability since the Bank of England’s announcement and inflation continues to hold firm, we are optimistic that a more stable economic landscape will help drive activity in the mortgage market throughout the remainder of the year.

“Borrowers looking to take advantage of these new rates should look to seek independent professional advice in order to ensure a comprehensive understanding of the products on offer and how they match up to their requirements.

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