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Spring Finance trims bridging rates, MFS extends refund offer

Spring Finance trims bridging rates, MFS extends refund offer

Spring Finance has trimmed rates and boosted its bridging criteria, while Market Financial Solutions extends its valuation refund offer for short-term lenders.

Spring Finance says it has cut rates, by five basis points starting from 0.94%, across its bridging product range. 

The specialist lender has also enhanced criteria with 75% loan to value now being available for residential property purchases. 

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

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

The specialist lender initially announced in February that it would offer a full refund on valuation fees for bridging cases agreed before the end of March and complete before the end of April – but the offer will now run another month.

The refund will be issued within 28 days of the drawdown of a bridging loan. The waiving of valuation fees will apply across all the firm’s bridging products – residential, commercial and semi-commercial.

The lender says the initiative is for loans placed by brokers. It will cover physical valuations and the refund is applicable to one standard lender valuation per security property.

To qualify, the borrower must sign and return its decision-in-principle document by the end of April and the loan must be drawn down by the end of May.  

Market Financial Solutions chief executive Paresh Raja says: “Our refunds on valuation fees has proven popular among brokers and bridging clients. So, as the property market becomes more active, it felt only right to extend the offer for another month. 

“House prices are rebounding and we’ve seen a clear uptick in demand as the UK property market enjoys a positive start to 2024.”

The post Spring Finance trims bridging rates, MFS extends refund offer appeared first on Mortgage Strategy.

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