Paresh Raja

MFS extends valuation fee refund offer for bridging loans

Market Financial Solutions (MFS) has announced the extension of its valuation fee refund offer for bridging loan customers until the end of May.

This decision follows the initial announcement in February, which promised full refunds on valuation fees for bridging cases agreed by the end of March and completed by the end of April. This offer now gains an additional month for completion.

The refund, which will be processed within 28 days following the loan drawdown, is applicable across MFS’s entire range of bridging products, including residential, commercial, and semi-commercial loans. This initiative is specifically aimed at loans facilitated by brokers, excluding private clients, and covers one standard lender valuation per security property.

To be eligible for the refund, borrowers must return their signed Decision in Principle (DIP) document by the end of April 2024, with the loan needing to be drawn down by the end of May 2024.

Paresh Raja, CEO of MFS, commented on the extension: “Our refunds on valuation fees have 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.”

Raja also reflected on the current state of the property market: “House prices are rebounding and we’ve seen a clear uptick in demand as the UK property market enjoys a positive start to 2024.

“However, while the market appears to be bouncing back well, we cannot become complacent. Lenders must continue to support brokers and borrowers as best they can, and we expect the extension of our offer to help maintain the positive momentum that is permeating throughout the property sector at present.”