MFS introduces title insurance for BTL range
23 Apr 2024
Market Financial Solutions (MFS) has introduced title insurance across a number of residential BTL and bridging mortgage products
As part of its partnership with Westcor International, the firm is initially launching title insurance for residential BTL remortgages of up to £1m, with recently built properties, certain foreign nationals, and offshore corporate structures included.
Title insurance will also apply to residential bridging refinancing facilities of up to £1m.
Borrowers eligible for title insurance include:
- UK nationals
- individuals who hold passports of any country in the EEA, Channel Islands, Switzerland, USA, Canada, Australia, or New Zealand
- any corporate entity, trust and partnership line-up incorporated in the UK, EEA, Channel Islands, Switzerland, or the British Virgin Islands that is stated as the legal owner of the property.
The lender confirmed its intentions to introduce title insurance more widely across its product range in the future.
“Brokers and borrowers are often looking for speed when approaching a specialist lender; we’re always looking at ways that we can responsibly reduce the time it takes to deliver loans to clients, and this is a positive step forward for us in that regard,” said Paresh Raja, CEO at MFS (pictured above).
“Using Westcor’s title insurance proposition is very useful in reducing the time-consuming tasks involved in the initial underwriting of a loan, as well as accelerating the conveyancing process thereafter.
“We’re confident that brokers and borrowers will respond well to this addition to MFS’s offering, and we expect to make title insurance more widely available across our bridging and BTL mortgage products in the coming year.”
Christopher Taylor, Westcor International’s corporate development director, added: “Partnering with MFS as its dedicated title insurer is an exciting opportunity for Westcor International.
“Under the visionary leadership of Paresh Raja, MFS is a highly respected lender among institutional funders and HNW private investors.
“We are delighted to be aligning our market leading products with this team of award-winning specialists in the UK bridging market.”