The specialist lender said the revised pricing would apply across its bridging products – including both regulated and unregulated loans – and meant rates now started at 0.5%.

The most significant rate cuts applied to regulated transactions, but many unregulated rates were also reduced, including heavy refurbishment on buy-to-let and semi-commercial properties up to 75% loan-to-value (LTV).

In addition to rate reductions, LTV bands have been standardised across the range, with the changes signalling their appetite to support the bridging market moving into 2021, in particular customers looking to take advantage of the stamp duty holiday.

Darrell Walker, head of product development and proposition said: “We’re delighted to bring these positive changes to market and show our continued appetite to support brokers across the specialist arena.

“Having remained open for business throughout the Covid-19 pandemic, we head towards 2021 with buoyancy and confidence.

“The bridging market demands experienced underwriting, understanding of individual needs and a willingness to get things done, and I’m delighted to say that we tick all three boxes.

“I’d encourage any broker to contact their regional development manager to find out more, especially as we have more exciting news on the horizon.”