The lenders’ five-year fixed rate with £999 fee at 60% LTV is priced at 4.14%, 4.17% at 65% LTV, 4.19% at 70% LTV and 4.21% at 75% LTV.

The firm’s two-year fixed rate with £999 fee is 4.55% at 60% LTV, 4.59% at 65% LTV, 4.61% at 70% LTV and 4.63% at 75% LTV.

MPowered Mortgages’ three-year fixed rates have also been cut.

Stuart Cheetham, CEO of MPowered Mortgages said: “We are pleased to be able to reduce rates so soon after last week’s base rate announcement. Following the rate cut and events in the US, swaps rates have started to fall quickly, and this is likely to mean further reductions in mortgage rates and more relief to homeowners over the coming days ahead as lenders look to re-price their ranges.

“Additional rate cuts will be dependent on inflation and the general economic outlook over the weeks and months ahead but there is real hope on the horizon for borrowers as the general trend looks to be downwards. However, the extent and timing remains uncertain for now.”

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Gen H cut slash rates

Gen H will lower rates across its range by up to 0.15% and 0.3% following the Monetary Policy Committee’s decision to slash the base rate to 5% last week.

Core and homebuying ranges will be cut by 0.15% while two-year 60% LTV rates will reduce by 0.25%.

The lender’s retention range for existing customers will decrease by 0.3% and its standard variable rate (SVR) and tracker rates will fall by 0.25%, bringing both to 7%.

The firm will also be reintroducing 4% rates as a result of the decreases, with existing customers’ five-year deals priced from 4.86% and new customers able to access rates from 4.95% with a £999 fee or 4.92% with a £1,499 fee.

Peter Dockar, chief commercial officer at Gen H, said: “I’m delighted to introduce these rate cuts off the back of this week’s base rate move, not just for the benefit of first-time buyers or home movers but for our existing customers as well.

“We’ve also taken this opportunity to reduce our standard variable rate and base rate trackers, because in this environment, it’s critical that lenders support all customers, including those who choose to remain on revert or variable deals. We’ll be looking for opportunities to price down further in the coming weeks.”