Market Financial Solutions has expanded its title insurance across a broader range of its residential bridging and buy-to-let (BTL) mortgage products.
Title insurance is a form of indemnity insurance that protects lenders and borrowers from financial loss sustained from defects in a title to a property. Using it reduces the need to complete the many property searches, investigations and checks typically required at the underwriting stage and throughout conveyancing process.
By using title insurance across its products, Market Financial Solutions can reduce the time taken to process applications and deliver loans to clients.
The lender will now be providing title insurance on its residential BTL mortgages and bridging financing for both purchases and refinancing up to a loan size of £3 million, subject to eligibility.
Paresh Raja, CEO of Market Financial Solutions, said: “We are always looking for ways to reduce friction, improve speed and make brokers’ lives easier. Title insurance is a great example – we first introduced this in early 2024 and are pleased to expand its coverage across our residential products, both bridging and BTL.
“The time and costs involved in legal processes can be a significant pain point for brokers and borrowers. This is another improvement that, as we head into the final months of the year, will help get deals over the line – once the uncertainty surrounding the Budget passes, we expect pent-up demand to be released, and we’re primed to support clients when it does.”
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 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.
