Masthaven lowers minimum bridging loan size
Masthaven Bank has today announced that the minimum loan amount on its bridging, specialist bridging and refurbishment products has been reduced to £200,000, down from £300,000.
This means 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 will also be introducing dual legal representation for its bridging products, making the legal process smoother and cheaper for borrowers and allowing customers to access bridging finance more efficiently.
The latest changes come following a revamp of the lender’s bridging products at the start of 2021 and further rate reductions earlier this 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.”
If you’re after a quick and easy way to work out how much bridging finance is available to you, try our bridging loan calculator.