Expanded coverage now includes residential bridging and BTL products
Specialist mortgage lender Market Financial Solutions (MFS) has expanded its title insurance coverage to £3 million across its residential bridging and buy-to-let mortgage products.
Title insurance, a form of indemnity insurance, helps reduce the need for extensive property searches, investigations, and checks typically required during the underwriting and conveyancing process. It allows MFS to significantly cut the time needed to process applications and deliver refinancing to clients.
Borrowers will be eligible for title insurance if they are an individual who is 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. They will also be eligible if they are a corporate entity, trust and partnership line-up incorporated in the UK, EEA, Channel Islands, Switzerland or the British Virgin Islands (BVI) that is stated as the legal owner of the property.
If it is an eligible corporate borrower – incorporated in UK, EEA, Channel Islands, Switzerland or BVI – then the ultimate beneficial owner (UBO) or person executing the mortgage deed on behalf of the corporate entity must meet the individual definition of borrower, which is to say a UK national or a passport holder of any country in the EEA, Channel Islands, Switzerland, USA, Canada, Australia or New Zealand.
Initially launched for remortgages up to £1 million earlier this year, Market Financial Solutions’ expanded coverage now includes residential bridging and BTL products, including the new Bridge Fusion range. Newer properties and multiple properties on a single loan are also covered, improving speed and reducing costs.
“The speed of completion so far on title insurance has been very impressive, and significantly expanding from £1 million to £3 million makes complete sense for a large loan specialist able to lend to £3 million at 75% loan-to-value,” said Paresh Raja (pictured), chief executive of Market Financial Solutions.
“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.”
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