MPowered Mortgages has stopped accepting new applications from 5:30pm on 28 October 2025 as its parent (MQube) refocuses on tech. Existing mortgages continue as normal, but there are no product transfers or further advances. So, if you have an MPowered loan, plan ahead so you can remortgage smoothly when your deal ends.
What’s actually changed?
- No new applications after 5:30pm on 28 Oct 2025. Offer deadline: 5:30pm on 10 Nov 2025 (existing pipeline only).
- No product transfers and no further advances. If you stay put at the end of your deal, you’ll move to your deals reversion rate.
- Existing rates/terms on already-completed loans stay the same for now.
Practical steps: keep your options open
Set a reminder for six months before your deal ends.
Most people can start a remortgage up to six months early. This helps you avoid rolling onto the lender’s typically higher SVR. Also set a reminder in your phone — even if your broker usually nudges you, real life gets busy.
Maintain (or build) some equity.
Your loan-to-value (LTV) drives what deals you can get; lower LTV usually unlocks better rates. If you’re “thin” on equity, consider small overpayments (if your mortgage allows and without triggering ERCs) to reduce the balance and improve your LTV.
Home improvements planned?
MPowered has withdrawn further advances, so if you planned to borrow extra for works you’ll need to look at alternatives:
Remortgage to a new lender that offers additional borrowing; or
A regulated second-charge (secured) loan;
Unsecured borrowing for smaller sums.
Each route has pros/cons and risks — talk to a broker before committing.
Watch out for “mortgage prisoner” risk (especially with low equity).
The FCA describes mortgage prisoners as people unable to switch to a better deal even when up to date with payments — usually due to affordability rules or low equity. Keeping LTV down and engaging early helps reduce this risk.
Get organised.
Keep payslips, P60s, ID, and statements handy; fix any address/credit report errors; and tell your broker about changes in income or debt. (Starting early gives time to solve snags.)
Glossary
SVR (Standard Variable Rate): the default rate you move to when a deal ends unless you pick a new product. It can go up or down and is often more expensive than fixed/intro rates. Your mortgage offer or Quote will confirm what applies to you.
LTV (Loan-to-Value): your mortgage as a % of your property’s value. Lower LTV = more equity = wider choice and usually lower rates.
Product transfer: switching to a new deal with the same lender (often quick), but MPowered has withdrawn these.
Further advance: borrowing extra from your current lender against your home. Not available at MPowered right now; other options exist but need advice.
Ready To Take The First Step?
Mpowered Info & Links
Press Release: https://help.mpowered.co.uk/learn/a-new-chapter-for-mpowered
Q&A Page for borrowers: https://help.mpowered.co.uk/learn/questions-for-borrowers
