The range will include features such as title indemnity insurance for speed of completion and short form valuation reports to minimise borrower costs
Challenger lender Glenhawk has launched its latest regulated bridging range for borrowers looking to secure finance against their primary residence, as it targets a larger share of the £250 billion ($308.13 billion) UK homeowner loan market.
Introducing a higher 75% LTV band, as well as its lowest ever interest rate of 0.49% for its lowest LTV product, the highly competitive offering brings together all of Glenhawk’s current regulated products into one simplified range.
Key features of the product range include an LTV up to 75%, with loan size of £150,000 ($184,880.25) up to £2 million ($2.47 million) and a maximum term length of 12 months at 0.49% interest rate per month.
Glenhawk has reduced all interest rates across the entire regulated bridging range, and this new, simplified range is especially competitive at the higher LTV bands, with the new 75% LTV at 0.69% rate, 70% LTV at 0.64% rate, 65% LTV at 0.56%, and 60% LTV at a rate of 0.54%.
Launched in response to stakeholder feedback, the range will be overseen by Glenhawk’s lending team and include features such as title indemnity insurance for speed of completion and short form valuation reports to minimise borrower costs.
Glenhawk has enjoyed a strong start to 2022, delivering two consecutive months of record lending during March and April. These newly originated loans have supported projects across the UK, including the Midlands and the North, as Glenhawk continues to grow its exposure outside London and the South East.
The homeowner market has remained resilient, and despite near term macro-economic pressures, the low interest rate environment and pent-up consumer savings are set to underpin robust borrower demand, Guy Harrington, chief executive at Glenhawk, said.