After initially launching title insurance up to £1m earlier this year, the firm is now expanding this to £3m across its residential bridging and BTL range.
This includes newer properties, with the lender also able to take multiple properties on one loan.
For borrowers to be eligible for title insurance they must be a UK national or a passport holder of any country in the European Economic Area, Channel Islands, Switzerland, USA, Canada, Australia or New Zealand.
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Eligibility also applies if they are a 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.
Paresh Raja, CEO at MFS (pictured above), commented: “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% LTV.
“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.”
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