Masthaven has cut its bridging rate to 0.49% per month up to 40% loan-to-value for selected broker firms.
The lender is also offering loans at 0.54% per month to 50% LTV in what Jonathan Caplan, director of master broker First 4 Bridging, described as a ‘rate war’ among bridging lenders.
He said: “Masthaven’s decision today to drop its rate down to 0.49% for both regulated and unregulated business in this space is a further indication of the highly competitive nature of bridging at present, and we, at First 4 Bridging, are very pleased to be one of a few select bridging brokers that have access to this rate.
“The market is moving particularly quickly – and there will most likely be further responses to these changes – so we would urge advisers to make use of our expertise in this area, and the access we have to these excellent rates, in order to help them secure their client the best product available.”
“Since the start of the new year, it’s been clear that we’ve seen something of a rate war amongst bridging lenders particularly low level LTV products on residential business for those with clean credit records. “