MPowered Mortgages has reduced its two-year fixed rates by as much as 0.13%, following data that showed a boost in popularity for the option.
MPowered Mortgages’ two-year fixed rates at 60% loan to value (LTV) with a £999 arrangement fee now start from 4.93%, down from 4.76%.
With no arrangement fee, pricing begins at 4.89%. The products are open to borrowers moving home or buying their first property.
Data from the lender, sourced by Twenty7tec, showed that for the first half of 2022, 21% of people moving home chose a two-year fixed rate mortgage. This rose to 38% in 2024. This echoed findings from Twenty7tec that showed a month-on-month rise for two-year fixed rate searches through its platform.
Stuart Cheetham (pictured), CEO of MPowered Mortgages, said: “We’re pleased to be reducing our two-year fixed rates further, having already reduced them at the end of June, further supporting people making their first steps on the ladder and those moving into their next home.
“Demand for two-year fixed rates has doubled since summer of 2022. Growth in demand for two-year fixes is in part due to people becoming more optimistic about the prospect of rates coming down in the future.”
He added: “However, we would urge borrowers to remain cautious about the future direction of mortgage rates, as there are no guarantees what rates will do, and history has taught us this. Speaking to a qualified financial adviser or a broker is crucial before making any decisions.”
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
