Masthaven lowers minimum loan size across bridging range

Masthaven Bank has reduced the minimum loan size for its bridging and refurbishment products to £200,000.

The bank has also cut the rates for bridging loans at £200,000 to 0.43%, its lowest ever price for this product.

In addition, the specialist lender will introduce dual legal representation for its bridging products in order to make the legal process smoother and cheaper for borrowers and allow customers to access bridging finance more efficiently.

Richard Deacon, sales director at Masthaven (pictured above), said: “Bridging finance has grown in popularity over the last year as borrowers and brokers alike have looked for short-term finance solutions to help them navigate a busy market which has been operating at unprecedented levels since summer last year. 

“The challenges over the last 18 months, as well as the stamp duty holiday, have made the traditional homebuying process more difficult and highlighted the value of bridging finance. 

“Today’s changes are designed to cater for this growing demand and allow more customers to access bridging finance solutions easily and at rates close to those we offer on our traditional residential mortgages. 

“Bridging finance is no longer an option of last resort and we’re confident that the product updates we have made today will provide a greater number of customers with the finance that’s right for them.”

The changes follow a revamp of the lender’s bridging products at the start of this year and further rate reductions earlier this summer, as well as the introduction of re-bridging on its core offering.

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