MFS to refund valuation fees for bridging customers over next three months

The refund will be issued within 28 days of drawdown of the bridging loan.

The offer to waive valuation fees applies across all its bridging deals, which cover residential, commercial and semi-commercial ranges, up to a maximum valuation of £10m.

The initiative is for loans placed by brokers and covers physical valuation. It will be applicable to one standard lender valuation per security property.

To be eligible, the borrower must sign and return their decision in principle (DIP) document by the end of March 2024, and the loan must be drawn down by the end of April.

MFS lowered select bridging rates in January this year, with rates beginning from 0.49 per cent at 50 per cent loan to value (LTV) for a residential investment or single buy-to-let (BTL) property, and 0.55 per cent for a permitted development bridge, light development, semi-commercial or commercial product.

Paresh Raja (pictured), CEO of MFS, said: “There is a palpable sense that the property market has turned a corner after a turbulent two years. Rates have settled and data suggests that house prices have levelled off – there are signs that buyer demand and price growth are actually returning.

“So, now is the right time for MFS to inject a little more impetus into the market, rewarding our brokers and borrowers by refunding their valuation fees.

“Putting that money back in borrowers’ pockets will not simply provide a nice pick-me-up. It is capital they can invest into their properties, enabling them to keep pace with market trends and maximise the quality of their assets, which is crucial in the current climate.”