Market Financial Solutions to hold bridging rates

The lender said that it was committed to freezing its bridging rates until at least August 2023.

It explained that the rise of the base rate from 0.1 per cent to five per cent over the year had lead to a “great deal of uncertainty across the mortgage and specialist lending markets, including rate changes and product withdrawals”.

The firm continued that further increases were expected to combat “sticky inflation”.

Paresh Raja (pictured), CEO of MFS, said: “Brokers and borrowers are crying out for certainty from lenders amidst countless changes to rates. At MFS, thanks to the strength of our funding lines and the historic success of our ever-growing loan book, we are in a position to commit to a rate-freeze, providing brokers and their clients with the assurances they are craving.

“There is no question that this is a challenging time for the UK property sector. But lenders can deliver stability by not constantly pulling out of deals and leaving brokers in the lurch. That is what MFS prides itself on, and that is why we are confident enough to go on record and promise our rates will not move in the coming months.”