MFS completes its first BTL mortgage

Market Financial Solutions (MFS) has completed its first BTL mortgage during the soft launch of its new proposition, which has already seen over £100m worth of enquiries in the space of two months.

The specialist lender began the soft launch in October, which is being trialled through 17 brokers ahead of its full launch in early 2022. 

The decision in principle for its first case was created on 20th October, with the valuation taking place on 15th November and the loan delivered two weeks later on 29th November.

Paresh Raja, CEO at MFS (pictured above), said: “The first two months of our BTL pilot have gone extremely well; we’re delighted with the number of solid enquiries we’ve had and it’s great to see deals already coming to fruition. 

“It shows that we can deliver the same speed and high levels of service even when offering a BTL mortgage product rather than our traditional bridging finance. 

“The team is very excited to roll out the BTL proposition more widely in the coming months.”

The products are suitable for clients in complex situations, as well as corporate or overseas structures, including offshore companies, trusts and foreign national.

They are available for strong yielding property types, such as very large HMOs, MUBs and holiday lets.

The BTL range offers an interest cover ratio from 80%, which can then be combined with rolled up and deferred monthly payments, deferred interest of up to 1%, and top slicing.

Mike Cook, chief mortgage officer at MFS — who heads the lender’s BTL offering — added: “The transition into the BTL mortgage space is a natural fit for MFS; it understands the BTL market inside out, and will apply its experience in underwriting loans to ensure the right deals can be sourced for brokers and their clients. 

“Completing our first deal in such a short period of time, coupled with the number of cases we’re now proceeding with, means we have all the proof required that this is going to be a great addition to the MFS offering. 

“2022 is poised to be a really exciting time for MFS, and we expect high demand for the BTL products.”

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