MPowered delivers 80% of its mortgage offers in 24 hours and 20% in two hours Aside from superfast mortgages it's also offering a selection of the best rates 

Anyone looking to buy or remortgage at the moment may want to consider some of the market-leading rates being offered by a lesser known lender.

MPowered Mortgages claims to be the fastest mortgage lender on the market, because it uses artificial intelligence or AI to speed up applications for borrowers.

However, aside from being the fastest mortgage lender, MPowered is also currently offering some of the lowest rates on the market for anyone looking to fix for two or three years.

Superfast mortgages: MPowered Mortgages claims to be the fastest residential mortgage lender using AI to speed up the mortgage journey for borrowers

How fast is fast?

Last month, MPowered says it delivered a fully underwritten mortgage offer in 15 minutes - its fastest yet.

The lender, which was founded in 2021, says it now processes 20 per cent of its offers within two hours, and 80 per cent within 24 hours.

The average mortgage application takes between four and six weeks, according to the mortgage broker Habito.

What are MPowered's mortgage rates? 

MPowered's cheapest two-year fix for those buying a home with a 40 per cent deposit is now 4.52 per cent, while buyers with a 25 per cent deposit can secure a marginally more expensive 4.57 per cent rate. Both come with a £999 fee, and both are best buys.

MPowered only does business via mortgage brokers, so anyone wanting one of the loans will not be able to go to them directly.

Someone moving home and buying a property worth £250,000 would need a deposit of at least £100,000 to have a chance of being eligible for MPowered Mortgages cheapest two-year or three year deals.

If they secured a mortgage of £150,000 on a repayment term of 25 years they would be paying £835 a month. That compares to £948 a month on the average two-year fixed mortgage rate, according to Moneyfacts data.

Same day offer? MPowered Mortgages claims that 20% of its applications go to offer within two hours

Buyers can do even better if they decide to fix for three years. MPowered is offering a 4.42 per cent rate with a £1,999 fee on its cheapest three-year fix and 4.47 per cent to those buying with a 25 per cent deposit. These are also both best-buys.

MPowered Mortgages is also offering table-topping rates to people looking to remortgage.

Someone remortgaging with 40 per cent equity in their home can do so at a rate of 4.57 per cent on a two-year fix, or as low as 4.49 per cent if fixing for three years. One again, these are the lowest rates on the market for those equity brackets.

What do experts think of MPowered? 

Ravesh Patel, director and senior mortgage consultant at broker Reside Mortgages says: 'Their eligibility criteria is on par with other lenders, but with super quick processing speeds.

'It is a lender with a really slick modern system, which makes it more efficient for the broker and faster for the customer - and its rates are decent too.

Expert: Ravesh Patel, director and senior mortgage consultant at Reside Mortgages

'Its rates are particularly good for those buying with bigger deposits or higher levels or equity in their home, albeit it isn't such a good choice at the moment for anyone with smaller deposits or low levels of equity.'

Patel has one criticism, however. He says it is almost always possible to secure a bigger mortgage from other lenders.

Most lenders allow up to 4.5 times annual incomes and some even will offer mortgages up to five or six times income. But this is one area that Mpowered Mortgages may be falling short.

'I personally don't find it very generous on the affordability front,' adds Patel. 'I struggle to get past four times joint income with it, when advising clients.

'For example, I recently advised a couple with a combined annual income of £70,000, with one child and no debts. The maximum I could get them with Mpowered was £273,000 - which equates to 3.9 times their annual income.

'If they sort out this affordability limitation, I think they could get a lot of business.'

Jayne Knight, broker at Mallory Financial, which is the firm that delivered the 15-minute MPowered mortgage offer to a client, said she almost couldn't believe how 'smooth and quick' the application was for their customer.

'Not only was it a stress- and hassle-free process for us, but the customer was absolutely thrilled and genuinely shocked to have received a concrete offer so quickly,' she says.

'The platform has the potential to truly change our industry for the better, leading to improved customer service and outcomes.'

How is MPowered so fast?

MPowered uses its own AI technology-driven mortgage application platform, Origo, to provide its fast mortgage offers.

Recent enhancements have enabled the lender to fully automate the process, eliminating human underwriters from simple cases.

It says its mortgage application system uses 'big data, sophisticated language models and machine learning' to assess data and customer documents in real-time.

Stuart Cheetham, chief executive of the mortgage lender MPowered Mortgages

This reduces the back and forth between lenders and brokers, enabling a speedy underwriting process.

Further platform upgrades have enabled the automation of even more elements, such as document checking and credit commitments.

Stuart Cheetham, chief executive of MPowered Mortgages says: 'Our goal is to make the mortgage journey better for everyone, by speeding up the mortgage offer process, bringing certainty to borrowers faster.

'We are hearing lenders tell us that they can see what added value our Origo platform can bring to their businesses.

'It is proven that the platform can bring great efficiencies to the way lenders across the nation generate mortgage offers.

'If used at scale, we believe this platform could genuinely revolutionise the process of getting a mortgage, leading to better service and better customer outcomes.'