The MPowered proposition was launched last year, enabling applications to be rapidly assessed in complex buy-to-let mortgages, through the MPowered Mortgages platform
Lender MPowered Mortgages has expanded its offering with new prime residential products after it received relevant permissions from the FCA and secured investment backing from three blue-chip financial services companies.
Offering prime residential mortgages is our next step, Stuart Cheetham, the company’s CEO and co-founder, said. Gaining the regulatory approvals, bringing in strategic investors, and beefing up the distribution team, we’re really gathering momentum.
For people who thought there wasn’t much choice if they wanted a really competitively priced mortgage in this sector, now there is. It’s been a long time since that happened in this sector, Cheetham continued.
The MPowered proposition was launched last year, enabling applications to be rapidly assessed in complex buy-to-let mortgages, through the MPowered Mortgages platform.
Today, applying the same technology means intermediaries can get faster decisions and easier applications through the platform when serving prime residential borrowers.
The mortgages will be available initially via limited distribution, through intermediaries from Mortgage Advice Bureau, L&C Mortgages, Charles Cameron & Associates, JLM Mortgage Services and The Financial Planning Group.
MPowered Mortgages offers rates starting from just 2.24%, with a choice of two- and five-year fixed rates for purchases and remortgages. Customers can also benefit from their larger loan range, aimed at mortgages greater than £500,000 ($613,992). Rates on the five-year larger loan range start from 2.29%.
All products across its prime residential range benefit from a free valuation.
MPowered continues to show how mortgages should work in the 21st century – using AI and machine learning to make the process quicker and easier for everyone. Last year, that meant complex buy-to-let; today, it means prime residential, Cheetham said.
There are more products to come later this year, we intend to play in all market segments, giving brokers a one-stop-shop for great products, with excellent pricing delivered simply and seamlessly, he added.