NatWest brings sub-4% rates back; MPowered cuts three-year fixes to 3.93% – round-up

This comes a week after NatWest raised its pricing to remove sub-4% rates from its offering. 

There is now a two-year fixed purchase rate at 60% loan to value (LTV) with a £1,495 fee, which has gone down by 0.33% to 3.99%, while the equivalent five-year fix is down to 3.84% after a 0.2% reduction. 

A five-year fixed purchase deal at the same tier with a £995 fee has fallen by 0.2% to 3.89%, while the fee-free option has been reduced by 0.23% to 3.99%. 

The headline rate cut of 0.41% has been applied to a two-year fixed rate purchase deal at 75% LTV with a £995 fee, which is now 4.19%, as well as the option with a £1,495 fee, which now has a rate of 4.14%. 

The corresponding high-value product with a £995 fee has gone down by the same amount to 4.29%. 

Sponsored

Going digital

Sponsored by Halifax Intermediaries

A similar reduction has been made to NatWest’s two-year fixed purchase deal at 75% LTV with a £995 fee and £250 cashback, which is now 4.34%, and to the green mortgage deal with a £995 fee, also fixed for two years and at 75% LTV, now 4.14%. 

 

MPowered Mortgages cuts three-year fixed rates by 0.3% 

MPowered Mortgages has made reductions of 0.3% to its three-year fixed mortgage rates, with pricing now starting at 3.93%. 

The lower rate applies to purchase products for new borrowers with a £999 fee, while its remortgage rates, which also have a £999 fee, have gone down to start at 4.08%. 

These rates are available at 60% LTV. 

Stuart Cheetham, CEO of MPowered Mortgages, said: “The Chancellor’s Autumn Budget is looming and the concerns over unfunded tax cuts in Rachel Reeves’ plans has spooked markets, with most lenders increasing rates over the past week. Swap rates, which determine the price of fixed rate mortgages, have also risen, which creates more uncertainty about the direction mortgage rates will go in the coming weeks and months. 

“MPowered Mortgages is pleased to be reducing its three-year rates to remain as competitive as possible even in these unreliable market conditions we are in at the moment. At this confusing and uncertain time for homeowners and prospective buyers, independent financial advice has never been so important and we would urge borrowers to get advice before making any decisions when it comes to their mortgage.”