Market Financial Solutions (MFS) is to provide a full refund on valuation fees for its bridging customers for cases that are agreed before the end of March, and complete before the end of April.

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 – up to a maximum valuation of £10 million.

MFS’s initiative is just for loans placed by brokers. 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 March 2024 and the loan must be drawn down by the end of April 2024.

Paresh Raja (pictured), CEO of MFS, said: “There is a palpable sense that the property market has turned a corner after a turbulent two years. Rates have settled and data suggests that house prices have levelled off – there are signs that buyer demand and price growth are actually returning. So, now is the right time for MFS to inject a little more impetus into the market, rewarding our brokers and borrowers by refunding their valuation fees.

“Putting that money back in borrowers’ pockets will not simply provide a nice pick-me-up. It is capital they can invest into their properties, enabling them to keep pace with market trends and maximise the quality of their assets, which is crucial in the current climate.”