MQube’s MPowered Mortgages has received approval from the Financial Conduct Authority (FCA) to expand into the prime residential mortgage market.
The approval follows investment backing of an undisclosed sum from Barclays, M&G Investments and Citigroup’s SPRINT.
The three financial services companies join AV8, IQ Capital and JamJar Investments, who raised MQube’s seed funding in 2019.
Last year, MPowered launched to offer non-regulated buy-to-let lending for individuals, limited companies, and portfolio landlords.
At the time of launch, the digital mortgage company said that its platform harnesses propriety AI and deep learning technology to collect and analyse the data it serves mortgage intermediaries.
Entering the prime residential sector will allow intermediaries to get faster decisions and easier applications via the platform when serving prime residential borrowers.
Initially, mortgages will be available through intermediaries from Mortgage Advice Bureau, L&C Mortgages, Charles Cameron & Associates, JLM Mortgage Services and The Financial Planning Group.
Product rates on offer start at 2.24%, with a choice of two- and five-year fixed rates for purchases and remortgages.
The platform will also offer a larger loan range, aimed at mortgages greater than £500,000. Rates on the five-year larger loan range start from 2.29%.
All products across the platform’s prime residential range have a free valuation.
MPowered chief executive and co-founder Stuart Cheetham says: “Offering prime residential mortgages is our next step. Gaining the regulatory approvals, bringing in strategic investors and beefing up the distribution team, we’re really gathering momentum.”
“There are more products to come later this year, we intend to play in all market segments, giving brokers a one-stop-shop for great products, with excellent pricing delivered simply and seamlessly,” Cheetham adds.
Originally published here.