Marsden BS launches bridging-alternative short-term mortgage product

Designed to support intermediaries who have clients between properties and need a mortgage to support their move, the mortgage allows clients to take a term up to a maximum of two years with no early repayment charges.

The lender said the product is available on interest-only up to 60% loan to value (LTV).

It hosts a variable rate of 5.24% with a £299 booking fee and a £1,200 arrangement fee and offers brokers a proc fee of 0.4%.

Steve Robinson, head of lending at the Marsden (pictured), said: “We continue to develop our lending solutions and pride ourselves on being a niche lender.”

He added: “We were finding many intermediaries looking for options for their clients who are in the process of buying and potentially need a short-term mortgage.

“The mortgage follows the same process as our standard residential mortgages and as we individually underwrite cases, we will take the same level of personal care to support them.

“Clients can walk away from the mortgage at any time during the two-year term as the product has no early repayment charges. This is a new initiative that we are trialing in the market and welcome feedback from brokers and their clients,” he added.