"With interest rates and the cost-of-living increasing at pace, it is vital that brokers have the tools to secure mortgages for their customers as quickly and efficiently as possible."
SmartrCriteria has over 8,000 users and is free to use, regardless of whether an adviser is a Club member or not.
MPowered's prime residential criteria will consider drawings from the latest years' accounts for self-employed limited company directors, and the latest years' net profits for sole traders and partnerships. It will also accept gifted deposits and has a £1.5million maximum loan size.
MPowered's current residential product range includes two, five, seven and 10-year fixed rate mortgages and a £500 remortgage cashback range. Products include a free valuation on every application and a choice of no arrangement fee options. Rates currently start at 3.27%.
Over the past year, MPowered Mortgages has received investment backing from Barclays, Citigroup’s SPRINT arm and M&G Investments, amongst other key investors, and celebrated its first birthday in April this year.
Emma Hollingworth, distribution director at MPowered Mortgages, commented: “With interest rates and the cost-of-living increasing at pace, it is vital that brokers have the tools to secure mortgages for their customers as quickly and efficiently as possible. We look forward to working with Legal & General Mortgage Club to improve the mortgage journey for both brokers and customers.”
Clare Beardmore, head of broker and propositions at L&G Mortgage Club, added: “We are delighted to work with MPowered Mortgages to extend the options available on SmartrCriteria to support brokers during this busy period. We know how time-crunched advisers are in the current market, and how much difference having the right tech in place can make.”