Title insurance provides indemnity cover to protect lenders and borrowers against financial loss arising from defects in a property’s title. Its use can reduce the need for extensive property searches, investigations and legal checks typically required during underwriting and conveyancing, helping to streamline the completion process.
By incorporating title insurance into more of its product range, MFS aims to accelerate application processing times and improve the speed of loan delivery for clients. The lender will now provide title insurance on residential BTL mortgages and bridging loans for both purchases and refinancing up to £3 million, subject to eligibility.
Paresh Raja, chief executive at MFS (pictured), said: “We are always looking for ways to reduce friction, improve speed and make brokers’ lives easier. Title insurance is a great example – we first introduced this in early 2024 and are pleased to expand its coverage across our residential products, both bridging and BTL.
“The time and costs involved in legal processes can be a significant pain point for brokers and borrowers. This is another improvement that, as we head into the final months of the year, will help get deals over the line. Once the uncertainty surrounding the Budget passes, we expect pent-up demand to be released, and we’re ready to support clients when it does.”
Borrowers will be eligible for title insurance if they are individuals who are UK nationals or passport holders from countries in the European Economic Area (EEA), Channel Islands, Switzerland, the USA, Canada, Australia or New Zealand. Corporate entities, trusts and partnerships incorporated in the UK, EEA, Channel Islands, Switzerland or the British Virgin Islands (BVI) will also qualify if they are the legal owners of the property.
For eligible corporate borrowers, the Ultimate Beneficial Owner or the person signing the mortgage deed on behalf of the entity must meet the individual borrower criteria, meaning they must be a UK national or a passport holder of an eligible country.
