Aspen Bridging has launched a ‘lend a hand’ rates offer, which sees 5 basis points cut from all deals at up to 70% loan to value for prime residential purchase and refinance applications in September.

The short-term lender says the move, which is timed to help offset the reintroduction of stamp duty, sees the rate reduced to 0.64%.

Along with its 75% LTV offering, applications are open up to its £10m maximum loan size with terms running from 10 to 18 months.

Aspen also offer a launch No Valuation product, which is available at up to 70% LTV for applications between £400,000 and £1.5m net, with rates from 0.74%. It says this recent product aims to offer completions within 10 working days.

These loans are are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.

Aspen Bridging director Jack Coombs says: “September is traditionally one of our busiest months, and the ‘lend a hand’ rates offer supported by our product and service proposition is designed to help property professionals as stamp duty fully returns.

“This is also the perfect time to launch our new No Valuation product which continues our focus on meeting borrowers needs for faster completion times.”

In July, the firm cut rates across much of its product portfolio by 0.1%, while doubling its maximum loan size to £10m.

Also, on 1 July, the stamp duty nil-rate threshold was reduced from £500,000 to £250,000 until the end of September.

From 1 October, the threshold will return to £125,000 – or £300,000 for first-time buyers purchasing a property worth up to £500,000.

Chancellor Rishi Sunak introduced the tax relief last July to revive the housing market, which had stalled following lockdown restrictions.