MPowered Mortgages has reduced a number of fixed mortgage rates, with the largest cuts being made to its deals at 80% loan to value (LTV).
The lender has reduced mortgage rates at the 80% LTV tier by as much as 0.49%. Pricing now begins from 4.75% for a three-year fixed purchase deal with a £999 fee, down from 4.89%.
For a remortgage, rates start at 4.98% for a three-year fix with a £999 fee, previously priced at 5.35%.
Rates have been cut across three-year fixed deals at lower LTV tiers, too, by as much as 0.08%. This includes the product at 60% LTV with a £999 fee, which has gone down from 4.49% to 4.47%.
There is also the fee-free three-year fixed option at 60% LTV, which has been reduced from 4.67% to 4.64%.
MPowered Mortgages has also tweaked its five-year fixed purchase rates, with reductions of up to 0.17% across its deals with a £999 fee.
These changes apply from 25 July.
Matt Surridge (pictured), sales director at MPowered Mortgages, said: “As well as offering an unrivalled service proposition, we also offer products that step up gradually in 5% LTV increments, meaning that, unlike most other lenders, our pricing aims to be more closely tailored to a customer’s risk profile.”
Surridge added: “Over the past few months, we have concentrated on offering lower LTV lending at 75% and below. Now, with the introduction of new, highly competitive rates at 80% LTV, we aim to expand MPowered’s competitive proposition into higher LTV lending.
“This addition of another LTV tier will enable MPowered to effectively compete with the top six lenders in the market.”
Earlier this month, MPowered Mortgages reduced select two-year fixed rates.
The lender also follows the likes of Skipton Building Society, HSBC, Gen H and Nationwide in lowering its mortgage pricing this week.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
