Glenhawk has launched a new promotion to offer borrowers free legal and valuation fees.

Available to all applications received by 27th March, the promotion will apply on all loans within £10 million, with Glenhawk covering up to £3,000 (inc VAT) in legal and valuation fees for new unregulated product requests.

This initiative has been launched in direct response to market feedback and is aimed at reducing upfront costs for borrowers.

This is the third such promotion the company has offered borrowers in the past 18 months, in terms of reducing valuation charges, but the first time that the company is eliminating upfront costs up to £3,000 (inc VAT).

Last month, the company also overhauled its unregulated and regulated product range. This included reducing rates across the board with unregulated products starting from 0.83%, increasing the LTV on its regulated product to 75% and maximum loan size to £2 million. Additionally, exit fees were removed for Glenhawk’s heavy refurbishment product, as well as a newly launched mixed residential product for mixed use assets with more than 50% residential.

Guy Harrington, CEO of Glenhawk, said: “Reducing upfront costs will support residential investors and developers in their transaction journeys, while speeding up housing market transactions and project delivery. The general feedback from our broker network and their borrower base has been that valuation and legal fees remains a considerable cost and we will put the interests of our clients first wherever we can in the current macroeconomic environment.

“We are witnessing a continued recovery in transaction volumes, as demand for competitive financing solutions remains robust.”