Market Financial Solutions (MFS) has introduced title insurance across a series of 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 conveyancing process. MFS can therefore cut the time taken to process applications and deliver loans to clients when using title insurance.
The specialist lender is initially launching title insurance for residential buy-to-let remortgages and bridging refinancing facilities up to a loan size of £1 million, with recently built properties, certain foreign nationals, and offshore corporate structures included. It expects to introduce title insurance more widely across its product range in the future.
Paresh Raja (pictured), CEO of MFS, said: “Brokers and borrowers are often looking for speed when approaching a specialist lender. We’re always looking at ways that we can responsibly reduce the time it takes to deliver loans to clients, and this is a positive step forward for us in that regard.
“Using Westcor’s title insurance proposition is very useful in reducing the time-consuming tasks involved in the initial underwriting of a loan, as well as accelerating the conveyancing process thereafter. We’re confident that brokers and borrowers will respond well to this addition to MFS’s offering, and we expect to make title insurance more widely available across our bridging and BTL mortgage products in the coming year.”
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 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 that is stated as the legal owner of the Property.
Christopher Taylor, Westcor International’s corporate development director, added: “Partnering with MFS as their dedicated title insurer is an exciting opportunity for Westcor International. Under the visionary leadership of Paresh Raja, MFS is a highly respected lender among institutional funders and high net worth private investors.
“We are delighted to be aligning our market leading products with this team of award-winning specialists in the UK bridging market.”
