It aims to expand its reach in the prime market as a UK broker-only lender
Fintech mortgage lender MPowered Mortgages has made its prime range accessible to all brokers, networks, and clubs nationwide.
Since its launch into the residential market, MPowered Mortgages limited the access to its products to a handful of distributors and brokers. From Thursday, February 22, MPowered Mortgages allowed 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.
This development 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 last year. It has reduced rates 10 times and by up to 150 basis points overall since the mini budget, and 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.
The lender offers fixed rates from two to 10-years, with rates currently starting from 4.13%.
“We are delighted to be opening up our offering to the whole of the market, so that all brokers can offer an MPowered Mortgage to their customers,” Stuart Cheetham (pictured), chief executive at MPowered Mortgages, remarked. “In 2022, we launched our prime residential offering with the aim to deliver great consumers outcomes, exclusively through an advised broker journey.
“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.
“The progress we have made since launching our prime business is thanks to our fantastic team at MPowered Mortgages and our investor backers. We have delivered this in volatile market conditions which demonstrates our resilience as a business, and we look forward to continuing to grow our reach in the prime residential market.”
Danny Belton, head of lender relationships at Legal & General Mortgage Club, said MPowered’s latest announcement “is a welcome helping hand with our industry’s efforts to improve product choice.”
“Advisers and customers have a fantastic range of products at their disposal, teeing our industry up for another strong year,” Belton added. “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.
“I look forward to further cross-industry collaboration and innovation which provides strong finance solutions that respond to our customers’ varied needs.”
Lisa Martin, development director at TMA Club, said they were delighted that their brokers will now be able to offer MPowered’s suite of residential products to even more of their customers.
“At a time when variety and choice are crucial to helping advisers find solutions to suit a range of circumstances, this development will undoubtedly help our brokers to better tailor advice to meet their client’s specific needs,” Martin stated.
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