It is the next step in the lender’s rollout to the broker market which has already gone live with TMA and Mortgage Advice Bureau (MAB).
Members of Legal & General Mortgage Club and users of its SmartrCriteria tool can now access MPowered Mortgages’ range of unregulated buy-to-let products.
This initial offering is available to limited companies, portfolio and individual landlords and includes two and five-year deals up to 75 per cent loan to value (LTV).
Rates start at 2.94 per cent for a two-year fix up to 50 per cent LTV for individual landlords and all deals have a 1.5 per cent product fee.
The funder of this initial £2bn unregulated buy-to-let offering, an unnamed top 15 global bank, requires a physical valuation to confirm the loan.
Last month Emma Hollingworth, distribution director at MPowered Mortgages, told Mortgage Solutions this range would soon be extended to include houses in multiple occupation (HMO).
It also launched a platform for hosting its own and other lenders’ products, where it intends to cover “all the core areas of lending”, once regulatory permissions allow.
And it is working on artificial intelligence (AI) technology with MAB which it hopes will eventually enable its system to begin underwriting cases as brokers are completing client fact finds.
‘Shared vision’
Commenting on the latest agreement, Hollingworth (pictured) said the lender was delighted to be announcing its addition to the panel.
“Legal & General Mortgage Club shares our vision for a tech-enabled future and our commitment to deliver for brokers,” she said.
The addition of MPowered Mortgages will bring the total number of lenders available through L&G’s panel to more than 110 and follows the addition of Habito, West One Loans and Molo Finance, earlier this year.
Danny Belton, head of lender relationships at Legal & General Mortgage Club said he was very pleased to welcome MPowered Mortgages to the panel.
“They are a new entrant to the market but one which is using cutting-edge technology to drive our market forwards,” he said.
“Since the start of the crisis, we have seen how technology can help our sector and it is excellent to offer these products to advisers as in today’s busy mortgage market, the ability to quickly and efficiently make lending decisions will help to counteract delays.”
