"We’re continuing to expand our offering across both our bridging and BTL mortgage ranges, as well as reducing rates across the board, giving brokers and their clients much-needed choice as they seek the right product for their needs"
- Paresh Raja - MFS
Market Financial Solutions has launched a new ‘Bridge Fusion’ product and announced significant rate reductions on their core bridging product range.
The new product is a two-year tracker loan with an annual interest rate and aims to provide borrowers with a product that enables them to wait out uncertainty and instability in the market. It can also be possible to extend the loan for a 3rd year.
Pay rates start from 3.55% +BBR (pa), with an LTV of up to 75% and a maximum loan size of £20m. Fusion is available on Commercial, Mixed Use and Residential properties. Rates on the core bridging range have also been reduced by as much as 11 basis points.
Paresh Raja, (pictured) CEO of MFS, said: “Optionality has become a keen focus for MFS in recent years. We’re continuing to expand our offering across both our bridging and BTL mortgage ranges, as well as reducing rates across the board, giving brokers and their clients much-needed choice as they seek the right product for their needs.
“This includes a blend of tracker and fixed-terms, as well as the term length. The new Bridge Fusion product is a perfect example of our desire to keep evolving, and the timing makes complete sense. As banks are slowing down with their lending activities in a year with potentially over £50bn of commercial refinances required, we are reducing our bridging rates and launching new products in order to ramp up.
“The general election will create more uncertainty over the coming weeks and months. We all knew it was coming, but few expected the vote to come in early July – and although it was formed before Rishi Sunak’s surprise announcement, our Bridge Fusion product is designed to help borrowers navigate such twists and turns in the market with greater confidence.”
