MPowered Mortgages has cut rates on its two and five-year fixed rate ranges for the second time in a week.

Rates now start from 4.67% on its two-year fixed rate purchase mortgage, down from 4.84%, while the five-year product has been cut from 4.59% to 4.37%. Both products come with a £999 fee.

The residential mortgage lender said that the changes have been made to "assist borrowers wherever it is able, supporting them through what is an incredibly challenging time to buy a home or remortgage".

Sales director at MPowered Mortgages, Matt Surridge, added: "Following the Bank of England's decision last Thursday to hold rates, swaps rates have fallen on the anticipation that rate cuts, which whilst not necessarily imminent, are now seemingly ‘nailed on’ for later in the summer and that the UK and US interest rate policy is now increasingly likely to diverge.

"The swap markets are moving at pace at present and it is important that as a responsible lender we are able to react and pass on any savings we can to borrowers. I’m therefore really pleased we are one of the first, if not the first to cut rates this week having already cut rates once in the past week.

"Borrowers looking to take advantage of these new rates should seek independent professional advice."

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