The BTL business will be headed by Mike Cook, who joined the firm earlier this year chief mortgage officer. He previously worked at Vida Homeloans for nearly five years, most recently as its commercial director.
Prior to that he worked at Bank of Ireland for nearly six years where he has held roles such as post-office partnership director and head of marketing and strategy. He has also held senior roles at Ing Direct, Lehman and Kensington.
The offering is being trailed with 17 broker firms, with more firms to be added as the pilot progresses.
The range will be available for clients in complex situations, and those using corporate and overseas structures are also eligible. MFS will lend on houses in multiple occupation, multi-unit blocks and holiday lets.
Fixed rate prices start from 4.99 per cent, with product fees from 1.75 per cent and there is one per cent broker commission. Products are available on two and three-year terms.
MFS’ chief executive Paresh Raja (pictured) 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.”
Cook said: “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.”