Hampshire Trust Bank (HTB) has reduced monthly interest rates across its full bridging finance range by 10 basis points.
The reduction applies to all bridging loan types, including residential and semi-commercial assets, and includes its heavy refurbishment product.
The products are designed for experienced developers undertaking substantial works such as house-to-HMO conversions and commercial-to-residential projects.
The change follows recent updates to HTB’s heavy refurbishment proposition, including an increase to 75% Day 1 LTV and enhanced flexibility on works funding.
For qualifying cases, the lender can now fund up to 100% of the property’s Day 1 value for refurbishment costs, provided the overall loan remains within 65% LTGDV.
HTB managing director specialist mortgages and bridging finance Alex Upton says: “We’ve reduced rates to support brokers who need to remain competitive, particularly where time is tight and delivery needs to be reliable.”
“The structure of the product hasn’t changed. Brokers still have direct access to the people making the decisions, and the flexibility to get deals moving quickly.”
Elsewhere, Leeds Building Society has lowered rates across its residential mortgage range by up to 20bps.
The building society has lowered rates on the residential two-year fixed rate up to and including 31/08/2027 and now have a rate of 4.07%. The product comes with a fee of £1,499, available up to 65% loan-to-value (LTV), free standard valuation, fees assisted in-house legal service for remortgages.
It also has tapered early repayment charges and a 10% penalty free capital over repayment allowed each year.
In addition, residential two-year fixed rate up to and including 31/08/2027 and a rate of 4.44% with no fee available upon completion.
The product is available up to 75% LTV with free standard valuation with fees assisted in-house legal service for remortgages. It also has tapered early repayment charges and 10% penalty free capital over repayment allowed each year.
Leeds Building Society senior product and pricing manager Jonathan Thompson states: “The changes we have made to our mortgage range today will hopefully go some way to alleviating the pressure on homeowners who are coming towards the end of their fixed-term rate.”
“We’ve implemented these changes to give brokers, buyers and homeowners greater choice as rates drop across the market, and we continue to assess our range of products in support of new and existing members.”
