MPowered Mortgages has announced that its prime residential mortgage criteria will now be available on Legal & General Mortgage Club’s mortgage criteria search tool, SmartrCriteria.
The tool has gained more than 8,000 users, a figure representing, over a third of the intermediary market, since its launch in 2019.
MPowered is a fintech mortgage lender that uses AI to enhance the mortgage journey for homebuyers and those looking to remortgage. Broker partners of the lender, 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 years’ net profits for sole traders and partnerships, Powered confirmed.
It will also accept gifted deposits and has a £1.5m maximum loan size. The lender’s current residential product range includes two, five, seven and 10-year fixed rate mortgages and a £500 remortgage cash back range.
“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,” commented MPowered distribution director, Emma Hollingworth. “We look forward to working with Legal & General Mortgage Club to improve the mortgage journey for both brokers and customers.”
Legal & General Mortgage Club head of broker and propositions, Clare Beardmore, commented: “We are delighted to work with MPowered 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.”
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