MPowered Mortgages has revised its affordability assessment in order to better support those looking to buy or remortgage their home.
The lender has reduced its stress rate to enhance its affordability and increase the maximum affordable amount it can lend to customers. This means that customers could borrow between 12% to 20% more than before the change, subject to the lender’s maximum loan-to-income (LTI) limits, criteria, and other loan characteristics.
With MPowered Mortgages, customers are able to access loans of up to £1.5 million up to 85% loan to value (LTV). It offers fixed rates from two to 10-years, with rates currently starting from 4.13%.
The lender also recently raised its maximum LTI ratio to 5.5 times for employed applicants.
Emma Hollingworth (pictured), managing director of mortgages at MPowered Mortgages, said: said: “We are aware of the difficulties many face when it comes to buying or remortgaging in the current climate. We have updated our affordability criteria to ensure we keep our products as flexible and affordable as possible in order to further support homebuyers and remortgagers.
“As the market begins to show some positive signs of normalising, we are still living through uncertain economic times. We would always encourage customers to seek independent professional advice in order to ensure a comprehensive understanding of the products on offer and how they match up to their requirements.”
