Building on its 15 years’ experience as a specialist lender working with property investors and brokers, Market Financial Solutions has announced that it is to enter the buy-to-let mortgage space following the soft launch of its new BTL proposition.
According to MFS, the new products are being tested through a small number of brokers ahead of a wider launch in 2022.
The new BTL business is headed up by Mike Cook, who recently joined the company and has over 20 years’ experience in mortgage lending. Most recently, Mike helped create and launch Vida Homeloans, having previously held senior positions at Bank of Ireland, ING Direct, Lehman, and Kensington.
MFS’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.
The London-based lender is offering a super flexible interest cover ratio (ICR) from 80%, which can then be combined with rolled up and deferred monthly payments, deferred interest of up to 1%, and top-slicing. This will help achieve the right loan size, even on prime London properties, while avoiding failed transactions, delays and lost fees.
17 broker firms are taking part in the initial pilot in Q4 2021. MFS will be adding more broker firms as the pilot progresses, before fully launching its BTL mortgage range in 2022.
Paresh Raja, (pictured) CEO of MFS, said: “This is a hugely exciting moment for MFS. 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. 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.”
Mike Cook, Chief Mortgage Officer at MFS, added: “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.”
Credits: Warren Lewis