MPowered Mortgages 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, Paradigm, 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.
Stuart Cheetham, CEO of MPowered Mortgages, said: “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.
“In 2022, we launched our prime residential offering with the aim to deliver great consumers outcomes, exclusively through an advised broker journey.
“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.
“We are thrilled with the how we are delivering new levels of SLAs for brokers, for instance, getting an AIP can be done in three minutes, an entire application can be keyed in less than 10 minutes.
“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.”
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% loan-to-value (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, £10m 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.
Danny Belton, head of lender relationships at Legal & General Mortgage Club, added: “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.
“I look forward to further cross-industry collaboration and innovation which provides strong finance solutions that respond to our customers’ varied needs.”
Richard Merrett, head of strategic development at SimplyBiz, said: “This move by MPowered Mortgages means more choice for consumers which can only be a good thing especially during what is a challenging time to purchase and remortgage a home.
“MPowered Mortgages not only offers an attractive range of mortgages, but its technology platform means that we can strive to get homebuyers and owners their mortgage offers more quickly and efficiently.”
Stephanie Charman, strategic relationships director at Sesame Bankhall Group, added: “MPowered Mortgages is an innovative lender that is fully focused on raising the bar when it comes to the quality and speed of the mortgage journey.
“The expansion of their offering is good news for advisers and their customers, and we are pleased to welcome MPowered Mortgages to our Sesame Network and PMS Mortgage Club lender panels.
“We look forward to working closely with their experienced team and our members as together we deliver good outcomes for customers.”
Lisa Martin, development director at TMA Club, said: “We’re delighted that our 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.”
Jane Benjamin, director of mortgages at Connect, concluded: “We are thrilled to be able to offer our customers a new option for their mortgage, with MPowered’s highly-competitive prime residential rates and an application process that has been completely re-thought through their technology platform.
“With brokers now facing more pressure than ever to secure mortgages quickly, it’s more important than ever that lenders respond, and MPowered Mortgages is leading the way using technology to improve and speed up the homebuying process.”
