Fintech mortgage lender MPowered Mortgages has revised its affordability assessment to help more customers fulfil their homeownership aspirations.
The lender has reduced its stress rate across all residential products to increase the maximum affordable amount it can lend to customers.
This means that customers could borrow between 12% to 20% more than before, subject to the lender’s maximum loan-to-income limits, criteria, and other loan characteristics.
The lender said it is committed to making homebuying and remortgaging as affordable as possible for customers during a challenging time to purchase and remortgage a home.
MPowered Mortgages offers loans up to £1.5m up to 85% loan-to-value (LTV), with fixed rates from 2- to 10-years, starting from 4.13%.
The lender also recently raised its maximum loan-to-income ratio to 5.5 times for employed applicants.
Emma Hollingworth (pictured), managing director of mortgages at MPowered Mortgages, said the update ensures the lender’s products remain as flexible and affordable as possible to support homebuyers and remortgagers during these uncertain economic times.
