Mercantile Trust expands bridging range into Northern Ireland

Its bridging proposition is currently available up to 75% LTV on first and second charge bridging loans for residential and refurbishment purposes. Rates start from 0.85% for loans with a minimum term of three months and a maximum of 18 months, ranging from £25,000 up to £150,000.

Mercantile Trust has a designated mortgage desk which acts as a central point of contact for broker enquiries and referrals, with a one-hour decision guaranteed.

Maeve Ward, director of commercial operations at Mercantile Trust, said: “Our expansion into Northern Ireland has been in the pipeline for some time but, as with anything in the mortgage market, we have to undertake strict due diligence and ensure everything is firmly in place before any official launch.

“This is a market which will greatly benefit from additional competition as options are currently limited in the short-term lending space. Through this expansion, our aim is to provide NI-based brokers with choice and opportunity to write more business and better service the short-term needs of their clients.

“We already provide buy-to-let mortgages in the region and as a consequence of today’s news can now offer a bridge-to-term option to landlords in Northern Ireland as well.

“We look forward to engaging with the intermediary community to introduce our extensive bridging proposition.”