MPowered Mortgages reduces rates across range of fixed rates

25 July 2024

MPowered Mortgages has reduced rates across its mortgage range, this time making cuts to its 80% loan-to-value (LTV) products.

This is an area where the lender has previously faced challenges to compete head-to-head with legacy lenders.

Rates at 80% LTV across 2-year and 3-year fixed rates have been reduced by up to 0.49%, with rates now starting from just 4.75% for a 3-year 80% LTV £999 purchase (reduced from 4.89%).

Remortgage rates on 3-year deals now start from 4.98% at 80% LTV at £999 fee, down from 5.35%.

Additionally, 3-year low LTV rates have been cut by up to 0.08%, with 3-year £999 purchase rates now starting from just 4.39% and £0 fee rates from just 4.64%.

5-year purchase rates have also seen significant rate reductions, with the 5-year £999 purchase rates reducing by up to 0.17%.

Matt Surridge, 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 loan-to-value (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.”