Products will be available through the MPowered Mortgages platform, launched last year for complex buy-to-let products. 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. The lender has also introduced a 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.
Stuart Cheetham, the company’s CEO and co-founder, said:
“Offering prime residential mortgages is our next step. 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 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. There are more products to come later this year – we intend to play in all market segments.”