MFS pilots BTL mortgage offering

Market Financial Solutions (MFS) has today (12th October) soft launched its BTL proposition.

The offering is being tested through 17 broker firms during Q4 2021, before fully launching its BTL mortgage range in 2022. 

The specialist lender will be adding more broker firms as the pilot progresses.

MFS stated that it will be using its 15 years of experience in the specialist lending market to apply its expertise, speed and flexibility in the BTL mortgage space. 
The new BTL business is headed up by Mike Cook, chief mortgage officer at MFS, who recently joined the company following 20 years of experience in mortgage lending. 

Most recently, Mike helped launch Vida Homeloans, having previously held senior positions at Bank of Ireland, ING Direct, Lehman, and Kensington. 

“The transition into the BTL mortgage space is a natural fit for MFS,” said Mike, “it understands the BTL market inside out, and will apply its experience in underwriting bespoke loans to help brokers deliver for their more complex clients. 

“I’m looking forward to driving this pilot forward and have every confidence that it will prove hugely successful in the months to come.”

The lender’s BTL mortgages are suitable for clients in complex situations, as well as corporate or overseas structures, including offshore companies, trusts and foreign nationals.

MFS will also lend against a wide variety of strong yielding property types, such as very large HMOs, MUBs, and holiday lets.

It will offer a flexible interest cover ratio (ICR) from 80%, which can then be combined with rolled up and deferred monthly payments, deferred interest of up to 1%, and top slicing. 
Fixed rates start from 4.99%, with product fees from 1.75%, and 1% broker commission. 

The business can provide two- and three-year terms, giving breathing space between bridging loan exits or initial purchases and future long-term financing.

Paresh Raja, CEO at MFS (pictured above), commented: “This is a hugely exciting moment for MFS — building on our 15-year experience as a specialist lender, primarily in the bridging space, we’re now bringing the speed and flexibility that we’re so well known for into the BTL space. 

“We’re looking forward to working closely with several brokers during this initial pilot, before bringing the BTL mortgage offering to the market next year.”

More information about MFS’ BTL offering can be found here

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