Masthaven Bank has announced that the minimum loan amount on its bridging, specialist bridging and refurbishment products has been reduced from £300,000 to £200,000.

This means that rates for bridging loans at £200,000 are down by 0.15% and will now start at 0.43%, the bank’s lowest ever bridging rate.

Masthaven also announced it is to introduce dual legal representation for its bridging products, to make the legal process cheaper for borrowers.

The specialist lender said the latest changes come following a revamp of its bridging products at the start of 2021 and further rate reductions earlier this summer, as well as the introduction of re-bridging on its core bridging product.

Masthaven sales director, Richard Deacon, suggested that bridging finance has grown in popularity over the last year.

“Borrowers and brokers alike have looked for short-term finance solutions to help them navigate a busy market which has been operating at unprecedented levels since summer last year,” he commented.

“The challenges over the last 18 months, as well as the stamp duty holiday, have all made the traditional home buying process more difficult and have highlighted the value of bridging finance.

“Today’s changes are designed to cater for this growing demand and allow more customers to access bridging finance solutions easily and at rates close to those we offer on our traditional residential mortgages.

“Bridging finance is no longer an option of last resort and we’re confident that the product updates we have made today will provide a greater number of customers with the finance that’s right for them.”

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