Market Financial Solutions (MFS) is to extend its offer of providing a full refund on valuation fees for its bridging customers until the end of May.
The specialist lender initially announced in February that it would provide a full refund on valuation fees for bridging cases that are agreed before the end of March and complete before the end of April – but that has now extended by another month.
The refund will be issued within 28 days of the drawdown of a bridging loan. The waiving of valuation fees will apply across all its bridging products – residential, commercial and semi-commercial.
MFS’s initiative is for loans placed by brokers, so excludes private clients. It will cover physical valuations and the refund is applicable to one standard lender valuation per security property.
To qualify, the borrower must sign and return their Decision in Principle (DIP) document by the end of April 2024 and the loan must be drawn down by the end of May 2024.
Paresh Raja, CEO of MFS, said: “Our refunds on valuation fees has proven popular among brokers and bridging clients. 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.”
