The scheme is designed for loans arranged through brokers
Specialist lender Market Financial Solutions (MFS) has extended its offer of refunding valuation fees for its bridging loan customers until the end of May.
Originally set to conclude at the end of March, with completions by the end of April, the offer now allows for agreements and completions to be pushed a month further.
Customers can expect a refund of their valuation fees within 28 days following the drawdown of their bridging loan. The offer is applicable across its entire range of bridging products, including residential, commercial, and semi-commercial options.
The scheme is specifically designed for loans arranged through brokers, thereby excluding direct applications from private clients. Eligibility for the refund requires a single standard lender valuation per security property.
To benefit from the offer, borrowers must ensure that their decision in principle (DIP) document is signed and returned by the end of April 2024, with the loan fully drawn down by end of May.
“Our refunds on valuation fees have proven popular among brokers and bridging clients,” said Paresh Raja (pictured), chief executive of Market Financial Solutions. “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. 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.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
