MPowered Mortgages has announced that its prime residential mortgage criteria will be available on SmartrCriteria, Legal & General Mortgage Club’s mortgage criteria search tool.
SmartrCriteria has signed up 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 year’s net profits for sole traders and partnerships. It will also accept gifted deposits and has a £1.5 million maximum loan size.
MPowered Mortgages’ current residential product range includes two, five, seven 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, distribution director at 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 (pictured), 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.”