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MFS lowers BTL and bridging loan rates

MFS (Market Financial Solutions) has lowered rates on its range of BTL (buy-to-let) mortgages and bridging loan products.

Rates on MFS’ BTL mortgage range, which launched in January this year, will now start at 3.29%, down from 3.79% previously.

The changes will also allow cumulative monthly payments of up to nine months instead of the previous six months, and deferred interest of up to 2% instead of 1.5%.

MFS has extended the range of its lowest rate residential bridging product, offering loans ranging from £100,000 to £4 million from 0.59%.

The change means that MFS’s large loan category now applies to loans of £4m and above instead of the previous £1.5m.

MFS is also launching competitive rate matching for bridge loan products, which means brokers will be able to speak to MFS for a solution that takes into account the rates offered to them by other lenders.

In March, MFS announced that it had secured over £300m in new funding, with the company targeting a loan portfolio of £1bn by 2023.

After enjoying “a very successful 12 months”, MFS Managing Director Paresh Raja says “there is never room for complacency”.

“We want to ensure that brokers and borrowers have access to the best products at competitive rates. These changes, just in time for the new financial year, will certainly achieve this goal,” says Raja.

It describes the 0.5% reduction in BTL mortgage rates as “significant”, but stresses that the same is true of the change to its residential bridging product. “With our large loan category now starting at a much higher value, this means many customers can now secure loans between £1.5m and £4m in the lowest rate bracket. We are confident this will ensure the best possible outcome for borrowers,” he adds.

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