Aspen cuts bridging rates by up to 0.72%

Aspen has responded to the latest Bank of England base rate reduction with rate cuts of up to 72bps across several of its products.

Residential bridging rates now start from 0.78% pm at 75% LTV, a reduction of 72bps.

Heavy refurbishment is now available at 0.83% pm up to 80% LTV and 0.78% at 75% LTV, falls of 72bps.

Stepped rates, which are available for all products and clients, are now available from 0.39% pm, marking another reduction of 72bps.

In addition, its no valuation rates have dropped to 0.84% pm at 75% LTV, a decrease of 60bps.

Aspen’s two-year buy-to-let pay rate, which is also available for foreign nationals, is now 6.49% pa, a reduction of 25bps.

The lender is simultaneously launching a new larger loan offering with flat rates from 0.75% pm and stepped rates from 0.39% pm for loans above £2m up to £15m net.

Jack Coombs (pictured), managing director at Aspen Bridging, said: “In this rapidly evolving financial market it’s essential we ensure competitiveness and these broad and significant reductions, alongside our excellent customer service, will ensure we are a leading lender for brokers’ quality clients.”