Masthaven Bank has launched its lowest ever bridging rate as well as introduced re-bridging on its core product range.
Rates on the bank’s core bridging product now start at 0.43% (cut from 0.48%),with re-bridging also available on this deal.
The bank continues to offer this re-bridging option on its specialist bridging products as well, which are specifically designed for more complex cases or customers who have a recent adverse credit history.
Masthaven has also made criteria changes to its Mini Bridge range.
Multiple properties are now accepted on Mini Bridge, which allows for loans between £200,000 and £300,000, and which has been designed for smaller straightforward loans where time is of the essence.
All of these products are available on Masthaven’s Short Term Lending Portal, where brokers have 24/7 access and can get instant and credit-backed decisions in principle.
Alan Margolis, director of bridging at Masthaven, said: “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.
“Lockdowns, stamp duty deadlines and pandemic-induced chain breaks have all disrupted the traditional homebuying process and have meant that bridging finance has come into its own.
“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.
“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.
“With the introduction of our lowest ever bridging rate and the changes to our lending criteria, we’re making Masthaven’s offering even more competitive and ensuring that we can provide more people with the finance that’s right for them.”