"With more than 15 years’ experience in the bridging sector, we will be taking the speed, flexibility and high level of service that we are known for and applying these qualities within the BTL mortgage space."
The bridging lender has piloted the range since October 2021 among 17 intermediary partners and has now officially rolled out the mortgage range.
The new buy-to-let business is headed up by Mike Cook, who joined the company last year as chief mortgage officer and has over 20 years’ experience in specialist mortgage lending
The buy-to-let range offers loans up to £3 million at 75% LTV, portfolios up to £10 million, foreign nationals, overseas companies and trusts, less than perfect credit, and strong yielding property types, such as large HMOs, multi-unit blocks and holiday lets.
The London-based lender is offering a flexible interest cover ratio (ICR), which can be combined with rolled-up and deferred monthly payments and deferred interest. This can support prime London properties and help avoid failed transactions, delays, and lost fees.
With two or three-year terms and a bespoke approach, the loans provide optionality and breathing space between bridge exits or initial purchases and future long-term financing. Pay rates start from 3.79%, with product fees from 1.5%, and a 1% commission.
Paresh Raja, CEO of MFS, said: “Following the success of the three-month pilot, we are delighted to announce the enhancement and full launch of our BTL mortgages. With more than 15 years’ experience in the bridging sector, we will be taking the speed, flexibility and high level of service that we are known for and applying these qualities within the BTL mortgage space. We expect high demand for the products and look forward to bolstering our offering even further throughout 2022 to best meet borrowers’ needs.”
Mike Cook, CMO of MFS, added: “The BTL mortgage space is a natural fit for MFS – it understands the BTL market inside out, and will apply its experience in underwriting loans to ensure the right deals can be sourced for brokers and their clients. We experienced significant demand during the pilot, which demonstrated the need for products like ours, as well as the trust that brokers and BTL investors have in MFS to deliver the loans they require.”