The partnership will give Quilter’s advisers access to MPowered Mortgages’ full range of residential products which include two, three, five and 10-year fixed rate mortgages. Loans are available up to £1.5m to 85 per cent loan to value (LTV).
Borrowers also receive a free valuation on every application and a choice of no arrangement fee options. All remortgage applications benefit from £500 cashback.
MPowered Mortgages’ recently announced that it would allow all brokers nationwide access to its full suite of residential products. The lender launched into the residential market in April 2022.
Paul Kane (pictured), head of intermediary distribution at MPowered Mortgages said: “We are pleased to be partnering with one of the UK’s leading wealth managers, offering Quilter’s clients access to our range of prime residential mortgage products.
“We are very proud of our prime residential offering and are delighted that this will now be accessible to even more homebuyers and remortgagers.
“Offering consumers choice and flexibility is really important at this time, and we hope that Quilter’s clients will feel the benefits of our range.”
Charlotte Nixon, proposition director at Quilter, said: “We are delighted to be partnering with MPowered Mortgages. Not only will Quilter customers now benefit from more choice, but with MPowered, a faster and more streamlined mortgage journey.”
MPowered has been busy building partnerships lately. At the end of January, the lender partnered with Bournemouth-based mortgage and insurance network Mortgage Intelligence. Earlier in the month, it teamed up with Solihull-based The Right Mortgage and Protection Network.
MPowered Mortgages lowers residential stress rate
MPowered Mortgages also recently updated its affordability assessment with a reduction to the stress rate applied across residential mortgages.
The lender claimed this could result in borrowers seeing a 12 to 20 per cent rise in the maximum loan available to them, subject to loan to income (LTI) limits, criteria and other characteristics.
This move follows MPowered increasing its LTI ratio to 5.5 times for employed applicants earning £75,000 a year or more.
Emma Hollingworth, managing director of mortgages at MPowered Mortgages, said: “We are aware of the difficulties many face when it comes to buying or remortgaging in the current climate. We have updated our affordability criteria to ensure we keep our products as flexible and affordable as possible in order to further support homebuyers and remortgagers.
“As the market begins to show some positive signs of normalising, we are still living through uncertain economic times. We would always encourage customers to seek independent professional advice in order to ensure a comprehensive understanding of the products on offer and how they match up to their requirements.”
