Mercantile Trust launches new fixed rate bridging option

Mercantile Trust has launched a new fixed rate bridging finance option.

Loans are available on both a first and second charge basis from £25,000 throughout England, Wales, Scotland and Northern Ireland.

The rates are available across Mercantile Trust’s entire bridging range, along with existing variable rate options, with a maximum LTV of 75% (70% in Northern Ireland). There is no minimum term, with a maximum term of 18 months, and rates start from 1.06% pm.

First-time landlords and first-time buyers are eligible, alongside property professionals.

Mercantile Trust takes a flexible approach to lending, assessing every application on its individual merit supported by the use of in-house legals and automated valuations.

Maeve Ward, director of commercial operations at Mercantile Trust, said: “Mercantile Trust will be announcing a series of new products over the next few weeks, all designed to expand our offering and offer alternative solutions for brokers and their clients.

“Our new fixed rates provide greater options, plus certainty and flexibility to bridging customers, and will also appeal to those requiring smaller advances compared to those typically offered in the market.

“Our use of AVMs and in-house legals enable applications to be turned around very quickly when timing is paramount. In addition, we encourage brokers to refer cases to the Mercantile Trust mortgage desk as they will assess each enquiry on its merit, offering solutions that otherwise might not have been available.”