MPowered Mortgages has adjusted its three-year fixed rate mortgages, amidst an uncertain economic climate.
- The rates for three-year fixed mortgages have been reduced by up to 30 basis points, now starting from 3.93% for new customers.
- Remortgage clients can avail rates starting at 4.08%, with a standard £999 fee applicable for both new and remortgage clients.
- Stuart Cheetham, CEO, emphasised the impact of rising swap rates on mortgage pricing, noting increased lender caution.
- Amidst looming economic uncertainties, seeking independent financial advice is highly recommended for potential and existing homeowners.
In a bold move reflecting current economic uncertainties, MPowered Mortgages has revised its three-year fixed rate mortgage offerings. The firm has reduced rates by as much as 30 basis points, positioning themselves competitively in a fluctuating market. Rates for new purchase customers now begin at 3.93% with a 60% loan-to-value (LTV) ratio, accompanied by a £999 fee, providing a potentially attractive option for prospective buyers.
For those looking to remortgage, the starting rate is set at 4.08%, subject to the same LTV requirements and fee structure. This adjustment comes at a time when most lenders are faced with unpredictable market conditions, prompting many to raise their rates. MPowered Mortgages’ strategy appears to be one of maintaining competitive edge despite rising pressures.
The backdrop to this development is a precarious economic environment. Stuart Cheetham, CEO of MPowered Mortgages, highlighted the uncertainty gripping the market due to rising swap rates, which are instrumental in determining fixed mortgage prices. Cheetham remarked, ‘Swap rates, which determine the price of fixed rate mortgages, have also risen which creates more uncertainty about the direction mortgage rates will go in the coming weeks and months.’
Further compounding the situation is the anticipation surrounding the Chancellor’s Autumn Budget, which has injected a degree of caution amidst talks of potential unfunded tax cuts. These factors collectively contribute to a scenario where independent financial advice becomes crucial. As Cheetham noted, ‘At this confusing and uncertain time for homeowners and prospective buyers, independent financial advice has never been so important and we would urge borrowers to get advice before making any decisions when it comes to their mortgage.’
In conclusion, MPowered Mortgages has taken a proactive step by reducing its rates to navigate the unpredictable market landscape.
