MPowered cuts two and three-year fixed rates by up to 0.28%

MPowered Mortgages has reduced all of its two and three-year fixed rate mortgages by up to 0.28% for new purchase and remortgage customers.

For new purchase customers, the lender's two-year fixed rates now start from 4.21% at 60% LTV with a £999 fee and three-year fixed rates start at 4.19%. 

All rates across the two-year range are reducing by at least 14bps with most by at least 20bps.

These reductions follow MPowered Mortgages cutting its SVR on Friday by 0.75% to 6.74% (BBR +1.99%). 

Stuart Cheetham, CEO of MPowered Mortgages, said: "The market has been very volatile of late, so we are pleased to be one of the few lenders who is reducing rates at time when many others seem to be raising rates. 

"Today's reductions follow an announcement last Friday of a significant 0.75% reduction to our SVR to assist both new and existing borrowers. 

"Whilst we are reducing our rates, we would urge borrowers to remain cautious and seek independent advice before choosing a mortgage. There are still a number of headwinds out there which can impact the cost of a mortgage over the months ahead and the direction of mortgage rates remains uncertain."