MPowered Mortgages enters the prime residential mortgage market

MQube’s MPowered Mortgages has received Financial Conduct Authority (FCA) approval to expand into the prime residential mortgage market.

The approval follows investment backing of an undisclosed sum from Barclays, M&G Investments and Citigroup’s SPRINT.

The three financial services companies join AV8, IQ Capital and JamJar Investments, which raised seed funding for MQube in 2019.

Last year, MPowered was launched to offer unregulated buy-to-let loans to individuals, LLCs and portfolio owners.

At launch, the digital mortgage company said its platform leverages proprietary AI and deep learning technology to collect and analyze data that it serves to mortgage intermediaries.

Entering the prime residential sector will allow intermediaries to get faster decisions and easier applications through the platform when serving prime residential borrowers.

Initially, mortgages will be available through intermediaries at Mortgage Advice Bureau, L&C Mortgages, Charles Cameron & Associates, JLM Mortgage Services and The Financial Planning Group.

Rates for the products offered start at 2.24%, with a choice of two- and five-year fixed rates for purchases and mortgages.

The platform will also offer a wider range of loans, aimed at mortgages above £500,000. Rates on the longer five-year loan range start at 2.29%.

All products in the platform’s high-end residential range benefit from a free estimate.

Managing Director and Co-Founder of MPowered, Stuart Cheetham, says, “Offering prime residential mortgages is our next step. By securing regulatory approvals, bringing in strategic investors and strengthening the distribution team, we are really gaining momentum.

“There are more products to come later this year, we intend to play across all market segments, giving brokers a one stop shop for great products, with great pricing delivered simply and conveniently. seamless,” adds Cheetham.

Previous Net mortgage borrowing increases in March according to the BoE
Next Bank of England raises interest rate to 1%