
MPowered Mortgages has lowered fixed rates for the second time in a week with cuts going up to 0.37%.
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.”
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.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.