Specialist lender Tiuta has cut its closed bridge rates by 0.5 percentage points and cut the cost of upfront legal fees.

On top of Tiuta’s recent decision to increase its LTV levels across a number of bridging product areas, based on an open market valuation, it has subsequently cut the rates on its closed bridge offering from 1.5% per calendar month to 1% per calendar month. Tiuta has also lowered its up front legal fees from £850 to £495.

A closed bridge is a loan available to homebuyers where the contract for sale has been completed but there is a delay between the receipt of funds and the settlement to purchase the new property.

George Patellis , CEO at Tiuta, said: “During continued challenging times we believe that clients need all the help they can to ensure that they are able to get