MFS (Market Financial Solutions) has lowered rates for its BTL (buy-to-let) mortgage range and bridging loan products.
The rates for MFS’ BTL mortgage range, which launched in January this year, will now start from 3.29%, down from 3.79%.
The changes will also allow rolled-up monthly payments for up to nine months instead of the previous six months, and deferred interest of up to 2% from 1.5%.
MFS has extended the range for its lowest-rate residential bridging product, offering loans from £100,000 to £4m starting from 0.59%.
The change means MFS’ large loan category now applies to loans from £4m and above instead of the previous amount of £1.5m.
MFS is also launching a competitive rate match for bridging loan products, which means brokers will be able to speak to MFS for a solution that takes into account rates they have been quoted from other lenders.
In March, MFS announced it had secured more than £300m in new funding, with the company targeting a loan book of £1bn by 2023.
After enjoying a “very successful 12 months”, MFS’ chief executive officer Paresh Raja says “there is never room for complacency”.
“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,” Raja says.
He describes the 0.5% cut to BTL mortgage rates as “significant” but highlights that so too is the change to its residential bridging product. “With our large loan category now starting from a much higher value, this will mean many clients can now get loans of between £1.5m and £4m within the lower-rate bracket. We are confident that this will ensure the best possible outcome for borrowers,” he adds.
