MPowered Mortgages has announced that it has revised its affordability assessment in order to improve its support for those looking to buy or remortgage their home.

The lender has reduced its stress rate to enhance its affordability and increase the maximum affordable amount it can lend to customers.

This means customers could borrow between 12% to 20% more than previously, subject to the lender’s maximum loan-to-income (LTI) limits, criteria, and other loan characteristics.

MPowered Mortgages said it is committed to making home buying and remortgaging “as affordable as possible” for customers during what is a challenging time to purchase and remortgage a home. Its customers are able to access loans of up to £1.5m up to 85% loan-to-value (LTV), and the lender offers fixed rates from two to 10 years, with rates currently starting from 4.13%.

The lender also recently raised its maximum loan-to-income (LTI) ratio to 5.5 times for employed applicants.

“We are aware of the difficulties many face when it comes to buying or remortgaging in the current climate,” commented managing director of mortgages at MPowered Mortgages, Emma Hollingworth. “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.”

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