"We were finding many intermediaries looking for options for their clients who are in the process of buying and potentially need a short-term mortgage."
Marsden Building Society has launched a new short-term lending solution as an alternative to a bridging loan.
Designed to support intermediaries who have clients between properties and need a mortgage to support their move, the mortgage allows clients to take a term up to a maximum of two years with no early repayment charges.
The interest-only product is available up to 60% LTV with a variable rate of 5.24%, £299 booking fee and a £1,200 arrangement fee which can be added to the mortgage.
The Marsden will offer brokers a proc fee of 0.4%.
Steve Robinson, head of lending at the Marsden, said: “We were finding many intermediaries looking for options for their clients who are in the process of buying and potentially need a short-term mortgage.
"The mortgage follows the same process as our standard residential mortgages and as we individually underwrite cases, we will take the same level of personal care to support.
“This is a new initiative that we’re trialing in the market and welcome feedback from brokers and their clients.”