MPowered Mortgages has loosened its criteria in a move it says will help more buyers and remortgagers secure loans and homes.
The fintech mortgage lender’s standards changes include lending to an applicant in their probation period subject to three months of continuous employment and it not being their first role.
It will consider deposits from abroad, subject to appropriate documentation on the true source of the deposit. It will allow the use of licensed conveyancers on house purchases.
The business will now also lend on properties with a remaining lease of 70 years at the point of completion, and will consider sole applicants residing with a partner – provided both the mortgage and deeds show only the sole applicant.
The firm has also updated its criteria relating to NHS trainee doctors on fixed-term contracts.
It has reduced its document requirements for these borrowers, meaning brokers will only need to provide the applicant’s latest payslip (down from three months, previously) and a copy of their contract.
For doctors who have completed their first year of training (F1 UK foundation programme), the lender will now also consider any higher income on an onward contract for affordability purposes, subject to receiving a payslip showing the improved income before completion.
MPowered Mortgages managing director of mortgages Emma Hollingworth says: “We understand that every individual has unique circumstances, and we want to ensure that we can provide mortgage solutions that cater to those needs.”
“These new criteria are part of MPowered Mortgages’ ongoing effort to provide innovative solutions and more choice for brokers and borrowers beyond the ‘big six’ high street lenders.”
