MFS to launch new BTL proposition

Market Financial Solutions (MFS) has announced it is soft launching a new buy-to-let (BTL) proposition, which is being tested through a small number of brokers ahead of a wider launch in 2022.

A total of 17 broker firms are to take part in the initial pilot phase in Q4 2021, as MFS confirmed it will be adding more broker firms as the pilot progresses, before fully launching its BTL mortgage range in 2022.

The new BTL business will be headed up by MFS chief mortgage officer, Mike Cook, who recently joined the company and has over 20 years’ experience in mortgage lending. Cook most recently helped create and launch Vida Homeloans, having previously held senior positions at Bank of Ireland, ING Direct, Lehman, and Kensington.

He said: “The transition into the BTL mortgage space is a natural fit for MFS – it understands the BTL market inside out and will apply its experience in underwriting bespoke loans to help brokers deliver for their more complex clients. I am looking forward to driving this pilot forward and have every confidence that it will prove hugely successful in the months to come.”

The lender’s BTL mortgages are suitable for clients in complex situations, as well as corporate or overseas structures, including offshore companies, trusts and foreign nationals. MFS will also lend for a wide variety of strong yielding property types, such as very large HMOs or multi-unit blocks through to holiday lets.

MFS CEO, Paresh Raja, described the new BTL propositions as a “hugely exciting moment” for the lender.

“Building on our 15-year experience as a specialist lender, primarily in the bridging space, we’re now bringing the speed and flexibility that we’re so well known for into the BTL space,” Raja added. “We are looking forward to working closely with several brokers during this initial pilot, before bringing the BTL mortgage offering to the market next year.”

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