MPowered opens up prime products to networks and clubs – Mortgage Strategy
MPowered Mortgages has made its prime product range available to all brokers, networks and clubs nationwide.
The broker-only fintech lender says it will allow all regulated advisers in the UK access to its full range of products.
Mortgage clubs who now have 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 firm first entered the residential market last spring, following £10m of backing from Barclays, M&G Investments and Citigroup’s SPRINT.
Since its launch into this area, it has limited access to its products “to a handful of distributors and brokers”.
The lender says it has cut rates 10 times and by up to 150 basis points overall since the September mini-Budget.
It has also launched a cashback range, introduced 85% LTV products, as well as no arrangement fee options to support buyers and remortgagers amid the cost-of-living crisis. And offers fixed-rate loans ranging from two to 10 years, currently starting at 4.13%.
MPowered Mortgages chief executive Stuart Cheetham says: “Not only will these customers benefit from our expansive product range, but also our technology-powered platform which is aimed at speeding up the mortgage process for borrowers and brokers.
“In 2023, we will look to deliver a real-time full contractual mortgage offer – this means when a broker submits a case, this can be offered instantly through our proprietary technology.”
Legal & General Mortgage Club head of lender relationships Danny Belton adds: “Today’s announcement is a welcome helping hand with our industry’s efforts to improve product choice, which has grown steadily since October.
“Advisers and customers have a fantastic range of products at their disposal, teeing our industry up for another strong year.
“No one can be certain of the outlook for our market, but having a wide array of products to lean on gives us the best chance at navigating any hurdles.”