"Lockdowns, stamp duty deadlines and pandemic-induced chain breaks have all disrupted the traditional homebuying process and have meant that bridging finance has come into its own."
Masthaven Bank has announced a number of new changes to its bridging range, including the launch of its lowest ever bridging rate, the introduction of re-bridging on its core bridging product, and a move towards more flexible lending criteria.
Rates on the bank’s core bridging product now start at 0.43%, down from 0.48%, the lowest rate Masthaven has ever offered on a bridging product. Additionally, Masthaven has now made re-bridging available on this product. The bank continues to offer this re-bridging option on its specialist bridging products, which are specifically designed for more complex cases or customers who have a recent adverse credit history.
Additionally, the bank has also cut rates on its recently launched refurbishment range, which now start at 0.48%.
Masthaven has also made criteria changes to its 'Mini Bridge' range. Multiple properties are now accepted on Mini Bridge, which allows for loans between £200,000 and £300,000, and which has been designed for smaller straightforward loans where time is of the essence.
All of these products are available on Masthaven’s Short Term Lending Portal, where brokers have 24/7 access and can get instant and credit-backed decisions in principle.
Alan Margolis, director of bridging at Masthaven, said: “The demand for bridging products has grown over the last year as borrowers and brokers alike have looked for short-term finance solutions that allow them the flexibility to navigate what has been a busy but sometimes difficult market. Lockdowns, stamp duty deadlines and pandemic-induced chain breaks have all disrupted the traditional homebuying process and have meant that bridging finance has come into its own.
“In February we revamped our bridging range to cater for this growing demand and to give borrowers the solutions they need to navigate an increasingly complex market. Bridging is now truly a mainstream product and because of this we’ve made sure that our bridging rates are very close to those we offer on our traditional residential mortgages.
“With the introduction of our lowest ever bridging rate and the changes to our lending criteria, we’re making Masthaven’s offering even more competitive and ensuring that we can provide more people with the finance that’s right for them.”