Residential bridging loans up to £750,000 at max 70% LTV are eligible for the new fixed rate
Short-term lender TAB has announced that it is reintroducing fixed rates for first charge residential bridging loans.
Eligible for the new fixed rate are residential bridging loans up to £750,000, with a loan-to-value (LTV) of up to 70%, including the cost of borrowing.
Rate starts at 0.90% per month for loans up to 60% LTV. Loans up to 65% have rates from 0.95% per month, while loans up to 70% LTV have rates from 1% per month. Terms range from one to 24 months, and there are no exit fees.
📣TAB launches fixed rate residential bridging from 0.90% pm📣— TAB (@tabldn) March 9, 2023
Loans up to £750k and LTV up to 70%, including the cost of borrowing, are eligible for the new fixed rates.
Call: 0208 057 9070#fixedrate #bridgingloans
TAB loans are unregulated. Property at risk. pic.twitter.com/C9GvsXHwk3
The new range complements TAB’s existing first charge tracker loans, including a residential bridging finance product for loans up to £15 million from 7.99% per year over the Bank of England base rate — and a first charge commercial loan tracker product from 8.50% per year over the Bank of England base rate at a maximum LTV of 70%.
While the focus of the reworked range is residential properties, TAB said it would consider loans secured against commercial properties.
“With the base rate shifting last spring, we had to find a balance between supporting our borrowers and supporting our business,” said Duncan Kreeger (pictured), chief executive and founder of TAB, said. “The solution was to become the first bridging lender to introduce tracker rates. But we are an innovative lender, and we are always looking to improve and push ourselves to do better.
“As the market stabilises, we wanted to provide more options for our customers by reintroducing fixed rates, complementing our tracker products. Your payments won’t go up for the duration of the loan, no matter how high rates go. And you’ll know exactly what you’ll pay so you can budget around it.
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