The Principality Construction Association will reduce its range of fixed-rate mortgages by up to 25 basis points, while Empowered Mortgages will reduce home purchase and refinance prices by 12 basis points.
The mutual's rate changes announced to the market on Monday (December 2) include a reduction of up to 9bps on residential two-year and five-year fixed rates at 90% mortgage-to-value. 
Tracker 85% LTV 2-year fixed is down 25bps, Holidaylet 75% LTV 2-year and 5-year fixed is down 15bps.
However, cashback mortgages, 90% LTV 5-year fixed products will rise by 4bps.
MPowered Mortgages, on the other hand, reduces home purchases and mortgage refinances by 12 bps over three years. This means interest rates for new purchase borrowers start at 4.09% on LTV60% with a £999 fee and 4.27% without the fee.
The company's new interest rate will be available from 5:30pm tonight (November 29th).
Stuart Cheatham, chief executive of M Powered Mortgages, said: “This rising interest rate environment is a bit worrying for people refinancing their mortgages or purchasing properties close to the Christmas period. “As we know, Christmas is the most expensive time of the year and it can be a bit worrying, especially given the extra cash needed to get by.” I go looking for gifts for family and friends. We are one of the few lenders currently offering lower interest rates. ”
