Mpowered’s range includes two, five and 10-year fixed rate products with rates starting from 5.17 per cent for the 10-year fix. The five-year fixes begin from 5.39 per cent and two-year fixes start from 5.85 per cent.
The products include the incentives of a free valuation and cashback. They are available for purchase and remortgage for loan amounts up to £1.5m. There are also no fee and £999 fee options.
The products will be available through MPowered Mortgages network of 5,000 mortgage brokers who have access to its range.
Emma Hollingworth (pictured), distribution director at MPowered Mortgages, said: “The launch of our 85 per cent LTV range is testament to our commitment to the prime residential mortgage market and widening access to our mortgages to help more borrowers benefit from our AI-driven technology which is focused on both simplifying the mortgage journey and eliminating stress from the process.
“Whilst rising mortgage rates and the increasing cost of living will impact the mortgage market, we are still seeing positive demand for mortgages and are delighted to have secured over £500m of mortgage lending in the past six months. We will continue to enhance our range to respond to the needs of homebuyers and remortgagers with the overall aim of improving the experience of buying a home using the power of technology and AI.”
Foundation Home Loans reprices residential mortgages
Foundation Home Loans has increased the rates of its residential mortgages and launched green products.
The repriced products include a five-year fix at 65 per cent LTV with a £1,495 fee which has risen from 5.99 per cent to 7.19 per cent. At 75 per cent LTV with a £999 fee, the equivalent product has a rate of 7.44 per cent, previously 6.19 per cent.
These mortgages are available to the lender’s F1 borrowers who are those with no recent blips on their credit, but whose rating may exclude them from high street lenders.
For F2 borrowers with more recent, yet minimal blips, the rate on the two-year fix at 75 per cent LTV has gone up from 6.09 per cent to 7.39 per cent.
Green mortgage launch
Foundation has also launched two 65 per cent LTV special edition discount products to its green range. The rate for F1 borrowers is 4.14 per cent while the rate for F2 borrowers is 4.44 per cent.
The products are available for purchase or remortgage on a standard property with an EPC rating of C or above. It has no early repayment charges and a £1,495 fee.
George Gee, managing director (commercial) at Foundation Home Loans, said: “We are pleased to have been able to provide advisers with two working days’ notice in advance of this repricing, and we are also allowing a full additional seven days for our intermediary partners to convert their DIPs to full applications.
“Coupled with the fact we currently have very strong service levels allowing us to act quickly, this should hopefully provide advisers with confidence in terms of their ability to get these cases through the process as quickly as possible.”
