MFS cuts rates on bridging, BTL and fusion deals – Mortgage Strategy

Market Financial Solutions has reduced rates across its product range.
The specialist lender has cut rates on its Bridge Fusion range, which is a hybrid of a bridging loan and a longer-term buy-to-let mortgage. 
Introduced in June this year, the product allows a longer term than standard bridging products at 24-36 months.
It is available on loans of up to £20m for residential, semi-commercial and commercial properties and rates now start from 5.09% plus Bank of England base rate (on an annual basis) down from 5.25% plus base rate previously.
On the Fusion products, borrowers can defer up to 2 percentage points of their interest rate, meaning the initial pay rate now starts from 3.09% plus base rate for those who choose to do so.
The lender has also cut prices on its bridging range, with rates now starting from 0.39% plus base rate (per month), down from 0.45% plus base rate previously.
In its buy-to-let range pay rates now start from 5.04% on its two-year fix.
MFS specialises in large and complex bridging cases.
It offers loans up to £50 million with terms between three and 36 months, as well as BTL mortgages up to 10 years. 
The lender recently renewed and increased its funding lines to over £1bn to help grow its loan book.
MFS chief executive Paresh Raja says: “The market is heating up now that the Bank of England has started to bring down the base rate, so now is an opportune moment for us to help maintain the momentum that is building by reducing our rates. 
“With significant price reductions across our higher loan tiers, the move will help brokers find the right product for their clients. 
“As such, we are expecting to see a further surge in demand and look forward to supporting brokers through this period. 
“Now, more than ever, I know that brokers and their clients will find significant value in our offering. 
“We remain committed to providing flexibility and certainty and will continue to look for ways to improve our products to ensure we’re meeting the unique needs of brokers and borrowers, no matter how complex their cases might be.”