Aspen Bridging has unveiled a sweeping set of rate reductions across its product range, with cuts of up to 72 basis points, in direct response to the latest Bank of England base rate adjustment.

The specialist lender’s updated rate card reveals notable reductions across its residential bridging and refurbishment offerings. Its residential bridging rate now stands at 0.78% per month at 75% loan-to-value (LTV), reflecting a 72bps fall.

In the heavy refurbishment category, rates have also dropped by 72bps. Borrowers can now secure funding at 0.83% per month at 80% LTV, or 0.78% per month at 75% LTV. Meanwhile, stepped rates, available across all products and for all clients, have been reduced to 0.39% per month.

Aspen’s No Valuation bridging product has seen a 60bps reduction, now priced at 0.84% per month at 75% LTV. The lender’s two-year buy-to-let pay rate, which is open to foreign nationals, has also been trimmed by 25bps to 6.49% per annum.

The lender has simultaneously announced a new larger loan proposition, aimed at borrowers requiring funding from £2m to £15m net. These loans will carry flat rates from 0.75% per month and stepped rates from 0.39% per month.

Jack Coombs, managing director at Aspen Bridging, said: “In this rapidly evolving financial market it’s essential we ensure competitiveness and these broad and significant reductions, alongside our excellent customer service, will ensure we are a leading lender for brokers’ quality clients.”