MQube’s MPowered Mortgages lease purchase offer has been added to the Legal & General Mortgage Club lender panel.
This is the next step in the lender’s deployment in the broker market, which has already been put in place with TMA and the Mortgage Advice Bureau (MAB).
Members of the Legal & General Mortgage Club and users of its SmartrCriteria tool can now access MPowered Mortgages’ range of unregulated rental products.
This initial offer is available to limited companies, portfolio owners and individual owners and includes two and five year agreements of up to 75 percent loan-to-value (LTV).
Rates start at 2.94 percent for a two-year fix up to 50 percent LTV for individual owners and all offers have a 1.5 percent product charge.
The backer of this £ 2 billion unregulated initial buy-lease offer, one of the world’s top 15 unnamed banks, is demanding a physical appraisal to confirm the loan.
Last month Emma Hollingworth, director of distribution at MPowered Mortgages, Recount Mortgage solutions this range will soon be extended to multiple occupancy houses (HMO).
It has also launched a platform to host its own products and those of other lenders, where it intends to cover “all key areas of lending”, once regulatory clearances allow.
And he’s working on artificial intelligence (AI) technology with MAB which he hopes will eventually allow his system to start underwriting cases as brokers research clients.
Commenting on the latest deal, Hollingworth (Photo) said the lender was delighted to announce its addition to the panel.
“The Legal & General Mortgage Club shares our vision for a technological future and our commitment to provide brokerage services,” she said.
The addition of MPowered Mortgages will bring the total number of lenders available through L & G’s panel to over 110 and follows the addition of Habito, West One Loans and Molo Finance earlier this year.
Danny Belton, head of lender relations at the Legal & General Mortgage Club, said he was very happy to welcome MPowered Mortgages to the panel.
“They are a new entrant in the market but using cutting edge technology to move our market forward,” he said.
“Since the onset of the crisis we’ve seen how technology can help our industry and it’s great to offer these products to advisors because in today’s mortgage market the ability to make lending decisions quickly and efficiently will help counter delays.”
Owain Thomas is Editor-in-Chief and Contributor of Mortgage Solutions and Editor-in-Chief of Specialist Lending Solutions. He also has experience in the areas of protection, pensions, benefits and human resources. Owain won two Headline Money Awards and the Protection Review Journalist of the Year award.