Rates for bridging loans at £200,000 will now start at 0.43%, the bank’s lowest ever bridging rate.
Masthaven Bank has lowered the minimum loan amount on its bridging, specialist bridging and refurbishment products to £200,000, down from £300,000.
Rates for bridging loans at £200,000 will now start at 0.43%, a decrease of 0.15% and the bank’s lowest ever bridging rate.
The specialist lender has also introduced dual legal representation for its bridging products, with the aim of making the legal process smoother and cheaper for borrowers and allowing customers to access bridging finance more efficiently.
These changes follow a revamp of the lender’s bridging products at the start of 2021, and further rate reductions during the summer, as well as the introduction of re-bridging on its core bridging product.
Richard Deacon, sales director at Masthaven, said: “Bridging finance has grown in popularity over the last year as borrowers and brokers alike have looked for short-term finance solutions to help them navigate a busy market which has been operating at unprecedented levels since summer last year.
The challenges over the last 18 months, as well as the stamp duty holiday, have all made the traditional homebuying process more difficult and have highlighted the value of bridging finance.
“Today’s changes are designed to cater for this growing demand and allow more customers to access bridging finance solutions easily and at rates close to those we offer on our traditional residential mortgages.
"Bridging finance is no longer an option of last resort and we’re confident that the product updates we have made today will provide a greater number of customers with the finance that’s right for them.”