MPowered launches 3.75% rate in latest round of cuts

MPowered Mortgages has cut rates across its three-year fixed rate range for new borrowers.

The lender is now offering a 3.75% three-year fixed rate at 60% LTV with a £999 fee, the lowest rate it currently offers across its fixed rate range. 

Three-year fixed rates for new purchase borrowers have been cut across LTV bands including 60%, 65%, 70%, 75% and 80%. 

Further cuts have also been made to select two and five-year fixed rates for both remortgage and new purchase customers.

Stuart Cheetham, CEO of MPowered Mortgages, said: "We are delighted to be offering such a competitively priced fixed rate range. Our lowest rate as of today is our three-year fixed at 60% LTV with a £999 fee at just 3.75%. 

"Further cuts to fixed rates can only be good news for mortgage borrowers. Borrowers should always seek advice so that they find the best deal that meets their needs and based on true cost."

The latest round of cuts brings MPowered close to the lowest rates currently offered by Big Six lenders. Last week, Barclays reduced five-year fixed rates at 60% LTV, now starting from 3.70% for a premier product and 3.71% for a standard product, both with an £899 fee. Nationwide also introduced a five-year fixed rate at 3.74%.