West One Loans has launched a bridging range with variable interest rates linked to the Bank of England base rate.

The range is available at loan to values up to 70% offered across all of the specialist lender’s existing bridging product categories, including regulated and unregulated business.

Pricing starts from 70 basis points plus base rate, for residential and 85bps plus base for commercial loans.

These tracker products will sit alongside the firm’s existing fixed-rate bridging products, which cover a range of lending situations, including regulated and unregulated cases, residential and commercial securities, as well as the purchase and refinance of land.

The move comes after the Bank of England lifted interest rates by 50 basis points to 1.75% last month, its biggest hike since 1995, which raised the base rate to a fresh 40-year high. It was the sixth rate rise since last December.

West One bridging division sales director Nick Jones says: “Although interest rates have been on the rise recently, it is possible that rates will begin to settle – or even fall – in due course.

“This means fixing rates for shorter-term projects may not always be the better option. By offering this new lower tracker rate alongside our fixed rate range, we are giving our intermediaries and their clients access to a broad choice of competitively priced, funding options.”