Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
Market Harborough Building Society Reduces Bridging Loan Rates
Market Harborough Building Society has announced reductions of up to 0.12% across its core bridging finance range. The mutual has also streamlined its offering into two bands up to 70% loan to value (LTV), effective immediately.
The new monthly rates for the core bridging finance range now start from 0.53% variable for cases up to 60% LTV. For loans between 60.01% and 70% LTV, rates begin from 0.57% variable. According to the lender, these changes mean more customers can access lower pricing.
Market Harborough’s core bridging range is available for straightforward bridging finance scenarios, with loan sizes from £200,000 to £1 million on 12-month terms. The lender stated that the changes are designed to make the product more accessible and competitive.
Last month, Market Harborough Building Society expanded its broker-facing support teams with the appointment of two specialist business development managers (BDMs).
These updates may be of interest to UK letting agents and inventory clerks working with clients who require bridging finance for property transactions.
Source: Mortgage Solutions