Octopus Property has made rates reductions on its bridging loan range across all major LTV bandings.
Rates are now as follows:
|
LTV |
Rate (PCM) |
|
Up to 50% |
0.60% |
|
50.1%-55% |
0.65% |
|
55.1%-60% |
0.70% |
|
60.1%-65% |
0.75% |
|
65.1%-70% |
0.80% |
The new rates are the first instalment of a product update by Octopus Property of its entire loan range that will be rolled out during 2017.
The lender says that in the months ahead it will be announcing improvements across its entire lending suite, including buy-to-let, commercial, refurb and development.
To date, Octopus Property has completed on over £2.3bn of loans.
Mario Berti, CEO of Octopus Property, said: “The overhaul of our product range that we will be announcing in 2017, starting today with our bridging loans, is the most significant since we started trading back in 2009.
“The sector has evolved considerably over the past eight years and we felt it was time to evolve our own proposition fundamentally in order to continue to provide a best-in-class offering. With these market-leading bridging rates, we want to send a clear message to the broker community that we are very much open for business.
“It goes without saying that, as well as some of the best rates available, brokers will also enjoy the service levels and flexibility that Octopus Property has always been renowned for.”