Masthaven Bank has made changes to its bridging range, including launching its lowest ever bridging rate, the introduction of re-bridging on its core bridging product, and a move towards more flexible lending criteria.
Rates on the bank’s core bridging product now start at 0.43% (cut from 0.48%). This is the lowest rate Masthaven has ever offered on a bridging product.
Additionally, Masthaven has now made re-bridging available on this product. 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.
The bank’s recently launched refurbishment range has seen rate reductions as well. Refurbishment rates now start at 0.48%.
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.
Alan Margolis (pictured), 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.”
