MFS cuts BTL and bridging rates

Market Financial Solutions (MFS) has lowered rates across its BTL mortgage and bridging loan product ranges.

The specialist lender’s BTL mortgages now start from 3.29%, down from 3.79%.

The business is also allowing rolled-up monthly payments for up to nine months (up from a maximum of six) and deferred interest of up to 2% (from 1.5%).

In addition, the finance provider is offering bridging loans from £100,000 to £4m, starting from 0.59%.

It means that MFS’s large loan category now applies to loans from £4m-plus, not £1.5m.

The company is also launching a competitive rate match, where brokers can speak to MFS for a bespoke solution that takes into account rates they may have been quoted from other lenders.

The update follows the news that MFS secured over £300m of new funding from multiple global financial institutions in March.

“MFS has enjoyed a very successful 12 months, but there is never room for complacency,” said Paresh Raja, CEO at MFS (pictured above).

“Bolstered by our £300m of new funding, we want to ensure brokers and borrowers have access to the best products at competitive rates.

“These changes, just in time for the new financial year, will certainly deliver that.”

In January 2022, MFS rolled out its BTL mortgage range to the wider broker market following a soft launch, catering for both vanilla and large, complex deals.

The bridging lender had piloted the products since October 2021 with 17 intermediary partners, where it saw £100m worth of enquiries in the space of two months

The new BTL business is headed up by Mike Cook, who joined the company last year as chief mortgage officer

The business is targeting a loan book of £1bn by 2023.

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