The lender’s refurbishment range has also seen price cuts, with rates starting from 0.48%
Masthaven Bank on Wednesday introduced its lowest ever rate on its core bridging product, which now starts from 0.43%, down from 0.48%.
This is the lowest rate the bank has ever offered on a bridging product and makes its offering among the most affordable in the market.
The lender’s recently launched refurbishment range has also seen price cuts, with rates now starting from 0.48%.
The demand for bridging products has grown over the last year as borrowers and brokers alike have looked for short-term finance solutions that allow them the flexibility to navigate what has been a busy but sometimes difficult market, said Alan Margolis, director of bridging at Masthaven.
In February, we revamped our bridging range to cater for this growing demand and to give borrowers the solutions they need to navigate an increasingly complex market, he said.
Bridging is now truly a mainstream product and, because of this, we’ve made sure that our bridging rates are very close to those we offer on our traditional residential mortgages, he said.
In addition, Masthaven has announced further changes to its bridging range, including the introduction of re-bridging on its core product and a move towards more flexible lending criteria.
The business will continue to offer its re-bridging option on its specialist bridging loans, which are designed for more complex cases or customers who have a recent adverse credit history.
For its mini bridge range multiple properties can now be accepted.
All of the bank’s products are available via its short-term lending portal, where brokers have 24/7 access and can get instant and credit-backed decisions in principle.
The stamp duty holiday has done much to keep demand strong and, for those buying second or high-value homes, the financial benefit of completing before March (and now June) is considerable, Alan added.
He said: With a very active market, traditional mortgage lenders have seen peak demand, often making it hard to complete in short timescales — in these circumstances, bridging finance has come into its own with fast turnaround times of two to four weeks.
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