Mint drops need for valuation on ‘straightforward’ bridging cases

For all straightforward bridging loans at less than 60 per cent loan to value (LTV) on residential properties worth up to £1.5m, Mint has removed the need for an application form.

In addition, it will no longer require either personal guarantees or a valuation.

The product revamp follows the lender’s decision to offer brokers direct access to eight mandated underwriters, as well as splitting its development finance and bridging loan teams.

Andrew Lazare, managing director of Mint, said splitting the teams had provided the “ideal opportunity to look afresh” at its offering, noting that brokers and borrowers valued a fast and “cost-effective” process.

He continued: “We have listened to their needs and are pleased to be able to make these criteria changes to allow us to launch this new product. We believe it will deliver exactly what they have asked for, and will be very popular.”