MPowered Mortgages, by MQube, today announces its arrival in the prime residential mortgage market having received relevant permissions from the FCA and after winning investment backing from three blue-chip financial services companies.
“Offering prime residential mortgages is our next step,” said Stuart Cheetham (pictured), the company’s CEO and co-founder. “Gaining the regulatory approvals, bringing in strategic investors and beefing up the distribution team, we’re really gathering momentum.”
“For people who thought there wasn’t much choice if they wanted a really competitively priced mortgage in this sector, now there is,” continued Cheetham. “It’s been a long time since that happened in this sector.”
The MPowered proposition was launched last year, enabling applications to be rapidly assessed in complex buy-to-let mortgages, through the MPowered Mortgages platform.
Today, applying the same technology means intermediaries can get faster decisions and easier applications via the platform when serving prime residential borrowers.
The mortgages will be available initially via limited distribution, through intermediaries from Mortgage Advice Bureau, L&C Mortgages, Charles Cameron & Associates, JLM Mortgage Services and The Financial Planning Group.
MPowered Mortgages offers rates starting from 2.24%, with a choice of 2- and 5-year fixed rates for purchases and remortgages.
Customers can also benefit from their larger loan range, aimed at mortgages greater than £500k.
Rates on the 5-year larger loan range start from 2.29%. All products across its prime residential range benefit from a free valuation.
“MPowered continues to show how mortgages should work in the 21st century – using AI and machine learning to make the process quicker and easier for everyone. Last year, that meant complex buy-to-let; today, it means prime residential,” said Cheetham. “There are more products to come later this year, we intend to play in all market segments, giving brokers a one-stop-shop for great products, with excellent pricing delivered simply and seamlessly.”
MPowered’s strategic goal is to work with all existing mortgage advisers and lenders to deliver better outcomes for borrowers. This can be under the MPowered Mortgages brand or through a direct technology partnership under the lender’s own brand.
Barclays, M&G Investments and Citigroup’s SPRINT arm have invested in the business, joining existing backers. Investment amounts are not being disclosed.
