MPowered Mortgages has received its permissions from the FCA to launch a residential mortgage offering.
The MPowered buy-to-let proposition was launched last year. The residential 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.
Rates will start from 2.24%, with a choice of two and five-year fixed rates for purchases and remortgages. Customers can also access a larger loan range, aimed at mortgages greater than £500,000. Rates on the five-year larger loan range start from 2.29%. All products across its prime residential range benefit from a free valuation.
“Offering prime residential mortgages is our next step,” said Stuart Cheetham, 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. It’s been a long time since that happened in this sector.”
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.