MPowered Mortgages launches prime residential range to all brokers nationwide
MPowered Mortgages, the fintech mortgage lender using AI to speed up and simplify the mortgage journey for homebuyers and remortgagers, today announces that it has made its prime range accessible to all brokers, networks and clubs nationwide.
Since its launch into the residential market last year, MPowered Mortgages has limited access to its products to a handful of distributors and brokers. However, as of today, MPowered Mortgages will allow all regulated advisers in the UK access to its full range of products. Mortgage clubs with access to the range include Legal & General, SimplyBiz, Dynamo, Connect, Ingard, Finova, Brilliant Solutions, TMA Club, The Money Group, TMA Club, John Charcol, Mortgage Force, Sense Network, Sesame Network and PMS Mortgage Club.
The news comes at a time when the firm has refreshed its brand to align with its ambition to expand its reach in the prime market as a UK broker-only lender, competing with the big banks for prime business.
MPowered Mortgages launched into the prime marketplace in April 2022. It has continued to respond to the needs of consumers by innovating and keeping rates as low as possible. It has reduced rates 10 times and by up to 150 basis points overall since the mini budget. It has also launched a cashback range, introduced 85% LTV products, and £0 arrangement fee options to support buyers and remortgagers amid the cost-of-living crisis. It offers fixed rates from two to 10-years, with rates currently starting from 4.13%. It hopes to continue to expand its range to respond to the constantly changing needs of borrowers in this fast-changing market.
In the past year, £10 million has been invested in the business by firms such as Barclays, Citygroup’s SPRINT and M&G Investments and MPowered Mortgages will continue to seek out further investors as it looks to innovate its business to respond to consumer needs, in particular, investing in its technology platform. Since the start of the year, MPowered Mortgages has invested in technology with the aim of both improving and speeding up the mortgage journey for brokers and their customers.