Mortgage

Clydesdale Bank and MPowered Mortgages cut fixed rates – round-up

Clydesdale Bank and MPowered Mortgages cut fixed rates – round-up

Clydesdale Bank will lower mortgage rates by up to 0.3% with residential, remortgage, purchase, large loan, professional and buy-to-let (BTL) deals cut.

The fixed rate changes will come into effect from 15 August.

Within its core residential range, selected two- and five-year fixed rates will decrease by up to 0.3% and start from 4.11%.



On the exclusive remortgage side, selected two- and five-year fixed deals will be reduced by up to 0.12%, and rates begin from 4.37%.

Selected two- and five-year fixed exclusive purchase products at 80% loan to value (LTV) will fall by up to 0.12%, with prices starting from 4.44%.

In its exclusive large loan range, selected two- and five-year fixed rates will go down by up to 0.15%, beginning from 4.42%.

Clydesdale Bank has released two- and five-year professional fixed products at 65% and 80% LTV.

Two- and five-year fixed deals in its professional range at 75% LTV will be lowered by up to 0.14%, and professional rates will begin from 4.42%.

Within its BTL range, two- and five-year fixed rates at 75% LTV will decrease by around 0.3%, and rates will start from 4.9%.

 

MPowered Mortgages lowers fixed rates

MPowered Mortgages has cut fixed rates by up to 0.22%, the third time the lender has cut rates in two weeks.

The lender said that the move showed its “commitment to both remaining competitive and supporting borrowers”.

Five-year fixed deals begin from 4.01%, three-year fixed rates from 4.19% and two-year fixed rates from 4.41% at 60% LTV with a £999 fee for new purchase customers.

The firm’s standard variable rate (SVR) has also gone down from 8.74% to 7.49%.

Stuart Cheetham, CEO of MPowered Mortgages, said: “Rates are coming down, and it’s great to be passing on this good news to borrowers. Against a backdrop of falling mortgage rates, we would nevertheless urge borrowers to not be hasty and ensure they speak to a broker so that they make an informed choice about their mortgage.

“Being pulled in by headline-grabbing rates might not necessarily be the best deal when factoring in the other fees. We believe pricing by 5% bands, which we launched last week, is a fairer way to price mortgages, particularly for the majority of customers that fall into the 60-80% LTV band.”

Cheetham added: “We are pleased to be able to reduce our SVR in response to falling swap rates. We have not just passed on the base rate reduction to borrowers, but reduced our SVR by a significant 1.25% since May.”

Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.


She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.


In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.


She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.


Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.


In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.




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