The refund will be issued within 28 days of the drawdown of a bridging loan, the waiving of valuation fees will apply across all its bridging products — residential, commercial and semi-commercial — up to a maximum valuation of £10m.

MFS’s initiative is just for loans placed by brokers and will cover physical valuations — the refund is applicable to one standard lender valuation per security property.

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Borrowers must sign and return a DIP document by the end of March 2024 and the loan must be drawn down by the following April in order to qualify.

Paresh Raja, CEO at MFS (pictured above), said: “Putting that money back in borrowers’ pockets will not simply provide a nice pick-me-up. 

“It is capital they can invest into their properties, enabling them to keep pace with market trends and maximise the quality of their assets, which is crucial in the current climate.”