TAB has announced a discounted rate on its mortgage products and has introduced the use of automated valuation models (AVM).
Rates will now start at 3.74% per annum over the Bank of England Base Rate for both residential investments and commercial property.
TAB is now offering a three-year discount on its 10-year tracker mortgage with an all-in rate of 8.99% per annum.
In addition, it recently lowered its bridging loan rates, which start at 6.00% per annum over the base rate.
AVMs are available up to 60% LTV on residential properties valued up to £1m. For residential loans under £2.5m, TAB uses the open market value for up to 75% LTV.
The lender will also utilise title indemnity insurance across its residential bridging products to help speed up deal completion times and will reduce costs for the borrower.
TAB founder and chief executive officer Duncan Kreeger says: “We are thrilled to announce these discounted rates and the introduction of new initiatives which will make our products more sustainable and competitive. Over the last few months, we have worked with our clients to understand their priorities and have designed products to meet their needs.”
“By leveraging innovative tools like AVM and title indemnity insurance, we can streamline the lending process, helping our clients to secure funding more quickly and efficiently and deliver mortgages at bridging speed.”
