Aspen Bridging cuts rates by up to 0.60%

Aspen Bridging has reduced rates across the board by up to 60bps for all new applications.

Flat rates now start from 0.85% per month. Stepped rates have also fallen and are available from an initial 0.59% per month, moving onto 1.25% per month secondary.

Residential and development exit rates are available at 0.87% up to 75% LTV and 0.85% at 70% LTV, while the lender’s refurbishment bridge starts from 0.89% at 80% LTV.

Aspen’s no valuation product, which removes the need for physical inspection to speed up the loan process, has an increased LTV of 75%, up 5%, with rates now available from 0.89%.

In addition, the lender’s bridge-to-let product now starts with a servicing rate of 6.99%, previously 7.49%, plus 2% deferred, as well as being opened up to foreign nationals and refurbishment and semi-commercial loans.

Jack Coombs, managing director at Aspen Bridging, said: “We are extremely positive about the outlook for the UK property market over the coming year and our parent company, S&U, is fully committed to investing in the growth of our bridging and bridge-to-let lending in this exciting space.

“As an equity-funded lender we remain truly agile in a competitive marketplace, which underpins our new rates which are skilfully supported by our best-in-class service proposition and our traditional USPs of search indemnity, direct access to underwriters, no monitoring surveyors and docu-sign facilities.”