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Market finance solution It has pledged to keep its bridging rate despite the Bank of England’s 13 interest rate.th consecutive base interest rate hikes;
Since December 2021, the central bank’s base rate has risen from a record low of 0.1% to 5%, with further hikes expected as a result of persistent inflation. The rate hike cycle has created a great deal of uncertainty across the mortgage and specialty lending markets, including interest rate changes and product exits.
MFS has not changed its interest rate in light of recent interest rate increases. Additionally, the London-based specialist lender has pledged to freeze bridge rates until at least August 2023.
Paresh Raja, MFS CEOexplained: “Brokers and borrowers are looking for certainty from lenders in the face of myriad interest rate changes. At MFS, thanks to our strong funding lines and historic success with growing loan balances, we are in a position to tackle interest rate freezes. , offering brokers and their customers the guarantees they crave.
“There is no doubt that these are difficult times for the UK property sector. That’s what MFS is proud of, and that’s why we’re so confident we’re breaking records and pledging that interest rates won’t change in the coming months.”