Market Financial Solutions (MFS) has committed to freezing its bridging rates despite yesterday’s decision by the Bank of England (BoE) to raise interest rates for a 13th consecutive time.
Since December 2021 the central bank’s base rate has risen from a record-low 0.1% to 5%, with further increases expected as a result of stagnant inflation.
The hiking cycle has resulted in a great deal of uncertainty across the mortgage and specialist lending markets, including rate changes and product withdrawals.
MFS has not changed its rates in light of the recent rate rise.
Moreover, the London-based specialist lender is publicly committing to freezing its bridging rates until at least August 2023.
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.”
Raja added: “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.”
