Market Financial Solutions (MFS) has announced it is lowering the rates across both its buy-to-let (BTL) mortgage range and bridging loan products.
The specialist lender’s BTL mortgage rates now start from 3.29%, down from 3.79%.
MFS 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%.
On the its bridging offering, MFS has extended the range for its lowest-rate residential bridging product. The lender is now offering loans from £100,000 to £4m starting from 0.59%, whereas previously the maximum loan amount in this bracket had been £1.5m. The change means that more clients will be able to access multi-million-pound residential bridging loans at the lower rate.
Last month, MFS announced that it had secured more than £300m in new funding, and the company revealed it is targeting a loan book of £1bn by 2023.
MFS CEO, Paresh Raja, said: “MFS has enjoyed a very successful 12 months, but there is never room for complacency. 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.
“Cutting our BTL mortgage rates by 0.5% is significant. But so too is the change to our 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.”
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