Aspen Bridging has reduced its rates by up to 60 basis points for all new applications.

The reductions mean flat rates will start from 0.85% per month, a decrease of 0.04%.

Stepped rates have also been lowered and are available from an initial 0.59% per month, a reduction of 0.06% moving onto 1.25% per month secondary.

Residential and development exit rates are available at 0.87% at 75% loan-to-value (LTV) and 0.85% at 70% LTV.

In addition, the lender’s refurbishment bridge begins at 0.89% at 80% LTV.

Aspen’s no valuation product has an increased LTV of 75%, up 5%, with rates now available from 0.89% having stood at 0.94% previously.

Meanwhile, the lender’s bridge to let product now starts with a servicing rate of 6.99%, previously 7.49%, plus 2% deferred as well as being opened up to foreign nationals and refurbishment and semi-commercial loans.

Aspen Bridging managing director Jack Coombs says: “We are extremely positive about the outlook for the UK property market over the coming year and our parent company, S&U is fully committed to investing in the growth of our bridging and bridge to let lending in this exciting space.