For bridging loans up to 50% loan-to-value the rate charged will be 0.60%. Between 50.1% and 55% LTV the rate will be 0.65%. Between 55.1% and 60% the rate will be 0.70%. Between 60.1% and 65% the rate will be 0.75%. And between 65.1% and 70% the rate will be 0.80%.
The new rates are the first instalment of a comprehensive product update by Octopus Property of its entire loan range that will be rolled out during 2017 in order to deliver an even more compelling proposition to brokers and their clients.
In the months ahead, the lender will be announcing improvements across its entire lending suite, including buy-to-let, commercial, refurbishment and development lending. To date, Octopus Property has completed on over £2.3bn of loans.
Mario Berti, CEO, 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.”
He added: “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.”