Bridging lender launches new 0.75% product

A leading bridging lender has launched a new product range with rates starting at 0.75 per cent and some offers of no exit fees.

Lancashire Mortgage Corporation has moved to bolster its suite of products with new rates from 0.75 per cent and no exit fees.

Gary Bailey, Director of Lancashire Mortgage Corporation, said: “We listen carefully to our broker partners and this new range of bridging finance products was developed as a direct result of their feedback.

“As a market leader we recognise that these new products reflect the ever increasing uses and demand for short term bridging finance, as well as buy-to-let and auction purchases.

“We have recently secured £100 million of additional funding, and with a strong appetite for growth we want to ensure our brokers have the right products that suit their clients, and help them to convert more business.”

Its new product range has a starting rate of 0.75 per cent and is available as a first or second charge. All products provide a maximum Loan to Value of 75 per cent on residential securities (OMV) and 65 per cent on commercial or semi commercial securities (90-day FSV). The minimum property valuation is £50,000 across all products.

All products are available for customers with a Prime, Light, Medium or Heavy credit status profile.

The range has a variation of loan terms spanning from three, six or 12 months. The 12-month term product has an option of interest roll-up and payment deductions.

Lancashire Mortgage Corporation provides commercial mortgages, buy-to-let finance and first and second charge bridging finance.

Precise Mortgages and United Trust Bank have also recently lowered their bridging rates to 0.65 per cent and 0.69 per cent respectively.