"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."
- Paresh Raja, CEO of MFS
Market Financial Solutions (MFS) is widening its use of title insurance across its residential bridging and buy-to-let mortgage products.
Title insurance is a form of indemnity insurance that reduces the need to complete the many property searches, investigations and checks typically required at the underwriting stage and throughout the conveyancing process.
Having initially launched title insurance on remortgages up to £1m earlier this year, from today MFS will be expanding this to £3m across residential bridging and buy-to-let, including its new Bridge Fusion range. Newer properties are included in this, and the specialist lender can also take multiple properties on one loan to improve speed and cut costs.
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.
Paresh Raja, CEO of MFS, said: “The speed of completion so far on title insurance has been very impressive, and significantly expanding from £1m to £3m makes complete sense for a large loan specialist able to lend to £3m at 75% loan to value.
“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.”
