MPowered Mortgages has announced its entry into the prime residential mortgage market after receiving relevant permissions from the FCA.

The move also follows the firm winning investment backing from Barclays, M&G Investments and Citigroup’s SPRINT arm.

MPowered Mortgages is the proprietary platform of MQube and is open to all mortgage lenders, using AI to support underwriting and data science to improve risk management and compliance.

The MPowered proposition was launched last year, enabling applications to be rapidly assessed in complex buy-to-let (BTL) mortgages, through the MPowered Mortgages platform.

“Offering prime residential mortgages is our next step,” said MPowered CEO and co-founder, Stuart Cheetham. “Gaining the regulatory approvals, bringing in strategic investors and beefing up the distribution team, we’re really gathering momentum.

“For people who thought there wasn’t much choice if they wanted a really competitively priced mortgage in this sector, now there is. It’s been a long time since that happened in this sector.”

The group’s mortgages will be available initially via limited distribution, through intermediaries from Mortgage Advice Bureau, L&C Mortgages, Charles Cameron & Associates, JLM Mortgage Services and The Financial Planning Group. MPowered Mortgages offers rates starting from 2.24%, with a choice of two and five-year fixed rates for purchases and remortgages.

“There are more products to come later this year,” Cheetham added. “We intend to play in all market segments, giving brokers a one-stop-shop for great products, with excellent pricing delivered simply and seamlessly.”

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