Market Financial Solutions (MFS) is expanding its use of title insurance across its residential bridging and buy-to-let (BTL) mortgage products.
Title insurance, a form of indemnity insurance, reduces the need for extensive property searches and checks typically required during underwriting and conveyancing. This allows MFS to significantly cut the time taken to process applications and deliver refinancing to clients.
Initially launched for remortgages up to £1m earlier this year, MFS will now expand title insurance to £3m across residential bridging and BTL, including its new Bridge Fusion range. The specialist lender can also include multiple properties on one loan to improve speed and cut costs.
Paresh Raja, CEO of MFS, said: “The speed of completion so far on title insurance has been very impressive, and significantly expanding from £1m to £3m makes complete sense for a large loan specialist able to lend to £3m at 75% loan to value.
“The time and costs involved in legal processes can be a significant pain point for brokers and borrowers. By expanding our title insurance coverage, we can also now consolidate multiple properties into a single loan, further enhancing our efficiency in terms of fees, conveyancing, and administration.
“It’s already been a busy year for MFS, and we anticipate that today’s announcements will fuel further growth as we head into summer. As always, we will continue to seek ways to provide our clients with greater flexibility, speed, and innovation, and we are already looking forward to what the second half of 2024 has to offer.”
Borrowers are eligible for title insurance if they are a UK national or a passport holder of any country in the European Economic Area (EEA), Channel Islands, Switzerland, USA, Canada, Australia or New Zealand. Corporate entities, trusts, and partnerships incorporated in the UK, EEA, Channel Islands, Switzerland or the British Virgin Islands (BVI) are also eligible if stated as the legal owner of the property.
The ultimate beneficial owner or person executing the mortgage deed on behalf of the corporate entity must meet the individual definition of borrower.
