This interest rate reduction will apply to loans with an LTV of between 60% and 75% on an open market valuation (OMV) for properties in England and Wales. The reduced interest rate for loans between 51% and up to 75% LTV at OMV will now be from 1.25% per calendar month (pcm).
The previous structure saw interest rates from 1.25% pcm solely for deals from 51% to 60% LTV (OMV). Interest rates for 61% to 70% LTV (OMV) were formally from 1.45% PCM and 71% to 75% LTV (OMV) from 1.65% pcm.
Tiuta’s rates on loans up to 50% LTV (OMV) will remain from 0.95% pcm.
This offer is in addition to Tiuta’s recent enhancement of criteria on its residential bridging product to create an exclusive rate of 0.89% PCM for properties within the M25 area.
Intermediaries are also reminded that Tiuta is offering to refund valuation fees upon completion across its range of residential bridging products for applications that complete by Friday 1st April up to a maximum value of £500.
Guy Garrard, head of business development at Tiuta, commented:
“With the more mainstream market still suffering from limited volumes of lending it is up to innovative specialist lenders to help arm intermediaries with viable alternatives for their clients.
"Demand and competition are rife within the short-term lending arena and as such we are constantly looking to evolve our proposition in order to maintain our position as a leading provider within this marketplace.”
