MPowered Mortgages, the fintech mortgage lender using AI to speed up and simplify the mortgage journey for homebuyers and re-mortgagers, has further reduced rates across its suite of three- and 10-year fixed products.

The rate reductions apply to all products, including its products with no arrangement fees.

On its prime residential three-year fixed range, MPowered Mortgages has reduced rates by up to 0.20%.  Rates now start at 4.36%, placing the fintech lender at the top of the sourcing tables for three-year fixes in loan-to-value (LTV) bands from 60% to 85% on purchases, and 80% to 85% on re-mortgages.

On its 10-year fixed range, MPowered Mortgages has significantly reduced rates by up to 0.70%, with rates now starting at 4.29%.

Challenging time

MPowered Mortgages offers products up to 85% LTV, with all applications receiving a free valuation. For re-mortgage applications, borrowers also benefit from £500 cashback on completion.

The changes follow MPowered’s recent rate reductions on two and five-year fixed rates, and the announcement that it has increased its maximum loan-to-income (LTI) ratio to up to 5.5 times for employed applicants.  

Emma Hollingworth, Managing Director of Mortgages at MPowered Mortgages said: “We are delighted to continue reducing our rates across our products as part of our efforts to meet the needs of homeowners and buyers during what is a challenging time to purchase or re-mortgage a home.

“It is of course a positive sign to see reductions in rates, and we hope to continue to be able to support those looking to purchase or re-mortgage a property in this way.

“To every consumer in the process, seeking independent professional advice is particularly important at this time. Brokers can help borrowers access and understand the products best suited to them, allowing them to make an informed decision when it comes to their mortgage.”