MPowered Mortgages

MPowered is one of the new challenger Banks. They are supported by Citi Bank, Barclays and M&G Investments. They offer competitive rates and great customer service

Self-Employed: Sole Traders 

MPowered lends to self-employed sole traders. To qualify for a mortgage, you'll typically need to provide at least two years of SA302 tax calculations and tax year overview. These documents will help assess your income stability and financial health. It's important to note that the specific requirements may vary depending on individual circumstances. 

Read more about Mortgages for Sole Traders

Self-Employed: Limited Company Directors 

MPowered also offers mortgage options for self-employed limited company directors. In general, you'll need to provide at least two years of company accounts and personal tax returns. The lender will assess your income based on both your salary and dividend payments. MPowered will use the average of the latest 2 years income or the latest year if lower. 

Read more about Mortgages for limited company directors

IT Contractors 

IT contractors can often qualify for mortgages through MPowered. The lender will typically require that the Contractor is employed under a Limited Company and that company has just one contract in place. Providing the contract income is at least £218 per day and you are able to demonstrate 12 months continuous contracts with at least two years experience working in this field then your income can be based upon the contract income. It's advisable to have a consistent income history to increase your chances of approval. 

You will need a minimum 15% deposit in these circumstances

Read more about Mortgages for  IT Contractors

How Much Will MPowered Lend? 

The amount MPowered will lend depends on various factors, including your income, credit history, and the deposit you have available. As a general rule, lenders typically offer mortgage loans up to a certain multiple of your annual income. The multiples apply to your provable annual income and start at about 4.5 x's your annual income and increase to 5.5 x's your income for single incomes over £75,000. However, this can vary based on individual circumstances. 

Self Employed applicants are restricted to 4.5 x's your income

First-Time Buyers: 

Mpowered often participates in government-backed schemes designed to help first-time buyers get on the property ladder. 

Read more about First Time Buyers here

MPowered Joint Borrower Sole Proprietor 

This type of mortgage may be able to help applicants who are struggling with affordability 

MPowered DONT offer Joint Borrower Sole proprietor mortgages. However we have access to other lenders that will consider this type of Mortgage. Please fill in our Enquiry form now!

Read more about Joint Borrower Sole Proprietor mortgages here

MPowered Let to Buy

Mpowered may consider a Mortgage application on a new residential property. MPowered will require that any existing mortgage is self financing and that the mortgage is suitable for let properties. 

MPowered Interest only

An interest only mortgage means that the borrower is only paying the mortgage interest back to the lender. Interest only is only appropriate in certain limited situations. You will need to have a repayment method. 

MPowered do not currently offer Interest only mortgages. However we have access to other lenders that may be able to help. Please fill in our Enquiry form to learn more

MPowered Expatriate Mortgages

MPowered does not currently accept Mortgage applications from Expatriates who are living abroad. However we are able to help in many cases with other lenders. Please read more under Mortgages for Expatriates

The information provided on this site is provided for information only. You should NOT rely on the information. We recommend you contact us to discuss any new mortgage enquiry