The bridging lender previously piloted a number of BTL products, starting from October 2021, among 17 intermediary partners.
The lender will provide loans of up to £3m at 75% loan-to-value (LTV), portfolios up to £10m, foreign nationals, overseas companies and trusts, less than perfect credit, and strong yielding property types, such as large houses in multiple occupation (HMOs), multi-unit blocks (MUBs) and holiday lets.
With 2- or 3-year terms, pay rates now start from 3.79%, with product fees from 1.5%, and a 1% commission.
It is also offering a flexible interest cover ratio (ICR), which can be combined with rolled-up and deferred monthly payments and deferred interest.
The new BTL business has been headed up by Mike Cook, who joined the company last year as chief mortgage officer, and has over 20 years’ experience in specialist mortgage lending.
Paresh Raja, chief executive of MFS, said: “Following the success of the three-month pilot, we are delighted to announce the enhancement and full launch of our BTL mortgages.
“With more than 15 years’ experience in the bridging sector, we will be taking the speed, flexibility and high level of service that we are known for and applying these qualities within the BTL mortgage space.
“We expect high demand for the products and look forward to bolstering our offering even further throughout 2022 to best meet borrowers’ needs.”
Cook added: “The BTL mortgage space is a natural fit for MFS – it understands the BTL market inside out, and will apply its experience in underwriting loans to ensure the right deals can be sourced for brokers and their clients.
“We experienced significant demand during the pilot, which demonstrated the need for products like ours, as well as the trust that brokers and BTL investors have in MFS to deliver the loans they require.”
