"Whilst we can expect some level of volatility in mortgage rates in the coming weeks, there are positive signs that rates will start coming down in the not too distant future."
- Matt Surridge, sales director at MPowered Mortgages
MPowered Mortgages has announced rate reductions across its fixed rate range.
Three-year fixed rate purchase products now start at 4.59% (down from 4.67%) at 60% LTV with a £999 arrangement fee. Fee-free rates start from 4.79% (down from 4.87%) at 60% LTV and 4.89% (down from 4.99%) at 75% LTV.
For remortgagers, three-year fixes are down by 10bps to 4.49% at 60% LTV with a £999 fee and by 20bps to 4.69% fee-free, rising to 6.09% at 85% LTV.
Two-year fixed rate purchase products are down from 4.95% to 4.84% at 60% LTV with a £999 fee. Fee-free rates are down by 10bps to 5.07% at 60% LTV and 5.19% at 75% LTV.
Two-year remortgage rates with no fees now start from 5.15% at 60% LTV and 5.25% at 75% LTV.
Matt Surridge, sales director at MPowered Mortgages, commented: “Mortgage rates have been increasing in recent weeks, but we think we have hopefully now seen the end of this. Rising rates have primarily been in response to predictions around the timing and extent of Bank of England rate cuts and given that inflation has proven to be rather stubborn, the date of the first expected cut has been pushed out to the summer months.
"Whilst we can expect some level of volatility in mortgage rates in the coming weeks, there are positive signs that rates will start coming down in the not too distant future. We are pleased to be one of the first lenders that is able to reduce rates which goes against the current trend which is seeing multiple high street banks and lenders increase rates."
