MPowered Mortgages has added its prime residential mortgage criteria to SmartrCriteria, Legal & General Mortgage Club’s mortgage criteria search tool.
SmartrCriteria has gained over 8,000 users, over a third of the intermediary market, since its launch in 2019. The service is free to use, regardless of whether an adviser is a Club member or not.
Broker partners of MPowered Mortgages, who are part of the limited distribution for its prime residential mortgages and members of Legal & General Mortgage Club, will benefit from this new development.
The prime residential criteria will consider drawings from the latest years’ accounts for self-employed limited company directors, and the latest years’ net profits for sole traders and partnerships. It will also accept gifted deposits and has a £1.5m maximum loan size.
MPowered Mortgages’ current residential product range includes 2-, 5-, 7- and 10-year fixed rate mortgages and a £500 remortgage cashback range.
Products include a free valuation on every application and a choice of no arrangement fee options. Interest rates currently start at 3.27%.
Emma Hollingworth (pictured), distribution director, MPowered Mortgages, said: “With interest rates and the cost-of-living increasing at pace, it is vital that brokers have the tools to secure mortgages for their customers as quickly and efficiently as possible.
“We look forward to working with Legal & General Mortgage Club to improve the mortgage journey for both brokers and customers.”
Clare Beardmore, head of broker & propositions, Legal & General Mortgage Club, added: “We are delighted to work with MPowered Mortgages to extend the options available on SmartrCriteria to support brokers during this busy period. We know how time-crunched advisers are in the current market, and how much difference having the right tech in place can make.”
Over the past year, MPowered Mortgages has grown its own network of established broker partners to circa 5,000.
It has received investment backing from Barclays, Citigroup’s SPRINT arm and M&G Investments, amongst other key investors, and celebrated its first birthday in April this year.
The mortgage lender has also doubled its workforce in the past year and opened a new office in Leeds as it continues to enhance its platform and offering for both brokers and their customers.
