MPowered Mortgages updates affordability assessment – Mortgage Strategy
MPowered Mortgages has revised its affordability assessment to provide better support to those looking to buy or remortgage their home.
The lender has reduced its stress rate to enhance its affordability and increase the maximum affordable amount it can lend to customers.
Customers can now borrow between 12% to 20% more than before the change, subject to the lender’s maximum loan-to-income (LTI) limits, criteria, and other loan characteristics.
The lender provides customers with loans of up to £1.5m and up to 85% loan-to-value (LTV).
It offers fixed rates from two to 10 years, with rates starting from 4.13%.
MPowered Mortgages managing director of mortgages Emma Hollingworth says: “We are aware of the difficulties many face when it comes to buying or remortgaging in the current climate.”
“We have updated our affordability criteria to ensure we keep our products as flexible and affordable as possible in order to further support homebuyers and remortgagers.”