MPowered Mortgages has reduced its range of two-year fixed rates, which now start at 4.76% – down from 4.87% – at 60% loan to value (LTV) with a £999 arrangement fee. For customers keen to avoid an arrangement fee, rates start from 4.99% – down from 5.09% – on a 60% LTV.

For remortgagors, two-year fixed loan rates start on the no-arrangement-fee options from 5.12% – down from 5.24% – on a 60% LTV. This rises to 5.23% – down from 5.36% – for those on a 70% LTV. 

All five-year fixed rates have also been lowered for rates at 75% LTV for both purchase and remortgage.

For purchasers looking for a five-year fixed loan, rates now start at 4.47% – down from 4.53% – at 65% LTV with a £999 arrangement fee. Without an arrangement fee, rates start from 4.55%, down from 4.63%, on a 65% LTV and 4.57%, down from 4.66%, for those on a 70% LTV.

For remortgagors, five-year fixed loans with no arrangement fees now start from 4.69% – down from 4.73% – on a 65% LTV. This rises to 4.74% – down from 4.79% – for those on an 75% LTV.

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Matt Surridge, sales director of MPowered Mortgages (pictured), said: “We pride ourselves on being a lender that is known for being fast and efficient with the service we offer brokers and their customers.”

He added: “We are also quick to react to news that might benefit our customers, particularly concerning the Bank of England base rate decisions, and endeavour to pass on lower rates as fast as we can. We are the first lender to lower our mortgage rates in response to last week’s Bank of England announcement, a move [that] we hope will bring welcome relief to homeowners and purchasers alike.”