MPowered Mortgages reduces SVR by 0.75%
The lender has passed on the full Bank Base Rate reduction plus an additional 0.50% cut.
"Although SVRs can often move up or down in line with changes to the Bank of England base rate, not all lenders pass on the full amount of any decrease"
- Stuart Cheetham, CEO of MPowered Mortgages
MPowered Mortgages has cut its standard variable rate (SVR) by 0.75% from 7.49% to 6.74%.
As well as the 0.25% cut to the Bank of England Base Rate, which is currently 4.75%, being passed on following yesterday's Base Rate decision, MPowered has also lowered the tracker margin by a further 0.50%. This means that MPowered's SVR now tracks BBR at +1.99%, one of the lowest in the market.
Stuart Cheetham, CEO of MPowered Mortgages, said: "Although SVRs can often move up or down in line with changes to the Bank of England base rate, not all lenders pass on the full amount of any decrease (or increase for that matter) in the base rate to their SVR. We, however, are pleased to not only pass on the full Bank Base Rate reduction but also an additional 0.50% cut to fully support borrowers in the market. Additionally, our SVR by tracking Bank Base Rate, is fully transparent to consumers and will mean any future rates will be passed on.
"As always, mortgage borrowers nearing the end of their mortgage deal should always seek independent financial advice so that they can make informed choices about what to do next."
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
Iress
Iress expands mortgage and protection distribution through new Access FS platform
FCA
Advice firm employees plead guilty after defrauding clients of £2m
Atom Bank
Try Mortgage Network adds Atom Bank to residential mortgage panel
FCA
MPs call for investigation into FCA's treatment of whistleblowers
This week's biggest stories:
Iress
Iress expands mortgage and protection distribution through new Access FS platform
FCA
Advice firm employees plead guilty after defrauding clients of £2m
Atom Bank
Try Mortgage Network adds Atom Bank to residential mortgage panel
FCA
MPs call for investigation into FCA's treatment of whistleblowers
Mortgage Rates
Average five-year fixed rate mortgage hits 6%
Inflation
Inflation could return to target by end of 2027, economist predicts