MPowered Mortgages has launched a new range of criteria in a move to help more homebuyers and remortgagers secure a home.
The new criteria include lending to an applicant in their probation period subject to three months continuous employment and it not being their first role, considering deposits from abroad subject to appropriate documentation on the true source of the deposit, and allowing the use of licensed conveyancers on house purchases.
In addition, MPowered Mortgages will now also lend on properties with a remaining lease of 70 years at the point of completion, and will consider sole applicants residing with a partner – provided both the mortgage and deeds show only the sole applicant.
The mortgage lender has also updated its criteria relating to NHS trainee doctors on fixed-term contracts. MPowered has reduced its document requirements, meaning brokers will only need to provide the applicant’s latest payslip (previously three months) and a copy of their contract. For doctors who have completed their first year of training (F1 UK Foundation Programme), MPowered Mortgages can now also consider any higher income on an onward contract for affordability purposes, subject to receiving a payslip showing the higher income before completion.
Emma Hollingworth (pictured), managing director of mortgages at MPowered Mortgages, said: “Our mission is to help people own their dream home. We understand that every individual has unique circumstances, and we want to ensure that we can provide mortgage solutions that cater to those needs.
“These new criteria are part of MPowered Mortgages’ ongoing effort to provide innovative solutions and more choice for brokers and borrowers beyond the ‘big six’ high street lenders.”
