The specialist lender’s bridge fusion range is a hybrid bridging loan and buy-to-let (BTL) mortgage that allows longer terms of 24-36 months on loans up to £20m. 

MFS has also lowered rates across its commercial BTL products. 

At the same time, MFS has extended the maximum loan term on its commercial BTL products to 10 years and increased the maximum loan size from £1.5m to £2m. 

Additionally, MFS will offer a maximum loan term of 10 years on its residential BTL mortgages. 

Paresh Raja, CEO of MFS, said: “We are excited to make reductions across various product ranges. Now is the opportune moment to take such action and the signs are pointing towards a surge in activity once the summer lull passes. 

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“At MFS, we are always keen to seize any opportunity to improve our products and ensure we’re offering the best possible options to brokers and borrowers, particularly as we are expecting a busy second half to 2024. The strength of our funding lines allows us to remain highly competitive on rates, while our skill and expertise in the specialist lending sector ensures we can continue to take on loans that other lenders are not able to handle.” 

Last month, MFS announced it renewed and upsized multiple institutional funding lines of more than £1bn to support the growth of its loan book. 

 

Keystone Property Finance reduces fixed rates 

Keystone Property Finance has reduced fixed mortgage rates by as much as 0.25%, responding to improved funding conditions. 

The lender has reduced rates across its limited-edition summer special range by the headline rate, and its standard product rates by 0.05%. 

Its specialist mortgage range has been lowered by as much as 0.15%, expat products by as much as 0.2% and product transfer deals by 0.25%. 

Additionally, Keystone Property Finance has cut rates across its new product transfer plus range by up to 0.25%. These products allow product transfer customers to borrow additional money. 

Elise Coole, managing director of Keystone Property Finance, said: “While many lenders will be waiting for [the] Monetary Policy Committee’s decision before making a call on whether to reprice, we’re able to pass on significant savings to landlords regardless of the outcome.

“Swap rates – which ultimately determine the cost of fixed rate mortgages – have eased off recently, giving us slack to sharpen our already competitive range.” 

She added: “Our mantra as a lender is to pass on savings wherever possible and as quickly as possible so that brokers and their clients get maximum benefit.

“We will continue to do that and hope to be in a position to pass on even greater savings to borrowers in the near future.”