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MPowered Mortgages improves residential criteria to offer ‘more choice for brokers and borrowers’

  • 10/05/2023
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MPowered Mortgages improves residential criteria to offer ‘more choice for brokers and borrowers’
Fintech mortgage lender MPowered Mortgages has widened its criteria in several areas, including probation periods, leases and trainee doctors to support more homebuyers and remortgagors.

The lender will lend to an applicant in their probation period subject to three months continuous employment and it not being their first role.

It added that it would consider deposits from abroad subject to appropriate documentation on the source and allow the use of licensed conveyancers on house purchases.

The company continued that it would lend on properties with a remaining lease of 70 years at the point of application and would consider sole applicants residing with a partner. This is provided both the mortgage and deeds show only the sole applicants.

MPowered Mortgages has lowered its document requirements for NHS trainee doctors on fixed-term contracts, so brokers will only need to provide the applicant’s latest pay slip and a copy of their contract.

For doctors who have completed their first year of training the lender will consider any higher income on an onward contract to boost affordability. This is subject to receiving a pay slip showing a higher income prior to completion.

Emma Hollingworth (pictured), managing director of mortgages at MPowered Mortgages, said: “Our mission is to help people own their dream home. We understand that every individual has unique circumstances, and we want to ensure that we can provide mortgage solutions that cater to those needs.”

“These new criteria are part of MPowered Mortgages’ ongoing effort to provide innovative solutions and more choice for brokers and borrowers beyond the ‘big six’ high street lenders.”

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