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Spring Finance cuts bridging rates, MFS extends repayment offer – Mortgage Strategy

Spring Finance has cut rates and improved its pooling approach, while Market Financial Solutions is expanding its equity return offering to short-term lenders.

Spring Finance says it has reduced rates, by five basis points from 0.94%, across its range of bundled products.

The professional lender has also developed a 75% loan-to-value ratio for residential properties.

It adds that loan sizes for the auto rate model have doubled to £200,000 for all bridging loans up to 65% LTV, with no upper limit on property value.

Meanwhile, Market Financial Solutions has extended its offer to offer a full refund of equity for its bridging customers until the end of May.

The specialist lender originally announced in February that it would refund all balance payments for bridging cases agreed before the end of March and completed before the end of April – but the offer will now run for another month.

Refunds will be issued within 28 days after the bridging loan is issued. The waiver of rating charges will apply to all products including bridging of the firm – residential, commercial and semi-commercial.

The lender says the action is on the loan brokered. It will include the applicable rates and the refund is applicable to one standard borrower rate per security.

To qualify, the borrower must sign and return the decision document by the end of April and the loan must be downgraded by the end of May.

Market Financial Solutions CEO Paresh Raja says: “Our returns on valuation fees have proven to be very popular among buyers and clients. So, with the local market starting to work, it seemed right to extend the offer for another month.

“House prices are rising and we have seen a clear increase in demand as the UK property market enjoys a strong start to 2024.”

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