Aspen Bridging has reduced its rates by up to 60bps for all new applications.

Flat Rates now start from 0.85% per month, a reduction of 4 basis points (bps).

Stepped rates have also been cut and are available from an initial 0.59% per month, a reduction of 6bps, moving onto 1.25% per month secondary.

Residential & Development Exit rates are available at 0.87% at 75% LTV and & 0.85% at 70% LTV, while the lender’s Refurbishment bridge begins at 0.89% at 80% LTV.

Aspen’s No Valuation product, which removes the need for physical inspection to speed up the loan process, has an increased LTV of 75%, up 5%, with rates now available from 0.89% having stood at 0.94% previously.

The lender’s Bridge To Let product now starts with a servicing rate of 6.99%, previously 7.49%, plus 2% deferred as well as being opened up to foreign nationals and Refurbishment and Semi-Commercial loans.

Jack Coombs (pictured), managing director at Aspen Bridging, said: “We are extremely positive about the outlook for the UK property market over the coming year and our parent company, S&U is fully committed to investing in the growth of our bridging and bridge to let lending in this exciting space.

“As an equity-funded lender we remain truly agile in a competitive marketplace, which underpins our new rates which are skilfully supported by our best-in-class service proposition and our traditional USP’s of search indemnity, direct access to underwriters, no monitoring surveyors and docu-sign facilities.”