Mpowered Mortgages

poshboy

Hi all, 

Our broker has seen a good mortgage deal with the subject company but I can't find any reviews of them. Has anyone been through the process with them at all? 

K_S

@poshboy MPowered only entered prime regulated residential lending a few weeks ago (early May), probably why there's a lack of reviews.

I don't personally have any experience of them yet (they're still in the process of rolling out access to different mortgage clubs and networks) but as long as a lender is willing to lend to you on terms that you are happy with, there's no particular reason to be wary of them as they'll have all the basic consumer protections and obligations in place, being an FCA regulated residential mortgage lender. Like everything else new, there may be teething problems with their processes but shouldn't be anything that your broker can't handle.

davesocrates

We were rejected by MPowered, likely downgrading our credit rating in the process, because of a transaction on a bank from my partners home country.

Funds for significant deposit all came from the sale of my UK property. Partner also has an existing mortgage here with Santander. Our income assessment both coming from professional salaries here in the UK (for the record both of us are British and we're both decent earners).

Explicitly, we were rejected because of a single transaction on my partners 3months of bank statements that was irrelevant to our purchase. They confirmed that.
It delayed our purchase (hopefully now resolved with high street lender) and unnerved us greatly. Still don't know if it had wider impact on credit assessment.