Its five-year fixed mortgage rates now begin at 4.84 per cent for an option with a £1,999 fee. With a £999 fee, there is a five-year fix priced at 4.94 per cent and the no-fee option has a rate of £4.99 per cent.
Remortgage deals across the same fixed rate term start from 4.89 per cent for both free legals and cashback products.
Two-year fixed rates begin at 5.11 per cent for purchase and 5.41 per cent for remortgage. Both options have a £999 fee. With no fee, MPowered’s two-year fixes start at 5.52 per cent for remortgage and purchase.
Its three-year fixed rates are now available at 5.04 per cent with a £999 fee or 5.34 per cent with no fee.
Matt Surridge, sales director of mortgages at MPowered Mortgages, said: “As a prime mortgage lender, these new rates are part of our continued efforts to support homeowners and buyers during what is a challenging time to own a home. In this higher interest rate environment, we’re endeavoring to offer as competitive mortgage rates as possible, to ensure borrowers can achieve their homeowning ambitions.
“As ever, seeking independent professional advice is critical for those looking to buy or remortgage at this point in time. Brokers can help borrowers access and understand the products most suited to them, allowing them to make an informed decision when it comes to their mortgage.”
Atom Bank lowers mortgage rates
Atom Bank has also reduced mortgage rates by up to 0.3 per cent.
This includes a five-year fix at 60 per cent loan to value (LTV) that now has a rate of 4.84 per cent and 5.34 per cent at 95 per cent LTV. There is also a two-year fix at 95 per cent LTV priced at 5.99 per cent.
All reduced products come with a free valuation and remortgage products feature fee-assisted legals.
Richard Harrison, head of mortgages at Atom Bank, said: “The market may have slowed somewhat in the run-up to Christmas, however we believe it’s important to pass on value to customers as quickly as possible, hence our decision to announce further decreases across our prime range.”
The lender was also named the best bank in the latest Mortgage Lender Benchmark Study.
Harrison added: “Winning the Best Bank in the H2 2023 Mortgage Lender Benchmark study caps off an incredible year for the bank and is a testament to the progress we have made in ensuring we are faster and easier to do business with for brokers and their clients. A third of our applications are now reaching offer on the same or next day, meaning customers could have a deal wrapped up in time for Christmas.
“We couldn’t have done any of this without the support of our intermediary partners, and we’d like to wish them all a fantastic festive period and a prosperous New Year.”
