The deal can also now be used for a range of different purposes including, refinance, capital raising and debt relief, in addition to transactions where there is a purchase involved.
Rates are 0.75 per cent per month up to 75 per cent LTV on non-regulated residential property up to £750,000.
There are no upfront solicitors’ undertakings, which are taken from the loan on completion.
The extended term gives borrowers a solution if they need to own a property for six months before they can put a longer-term mortgage in place, according to Hope Capital.
The extra month helps the client meet the six months minimum ownership criteria, and allows more time to remortgage, rather than extending or having to re-bridge the loan.
Demand from brokers and borrowers helped drive the change, the lender said.
Previously the loan was for property purchase only but Hope Capital has now made it available for a range of other purposes.
The deal is available throughout England and Wales on a first-charge basis, for loan periods from three to 12 months.
Listened to broker and client needs
Gary Bailey, managing director of Hope Capital, said: “The Hope Seven 5 bridging loan has struck a chord with a lot of brokers and their clients and has been recognised as a popular bridging loan ever since we introduced it at the end of September last year.
“We listened to our broker partners and the needs of their clients, so extending the term from six to seven months helps to makes it an ideal solution for a wider number of borrowers. This will save the borrower any potential extension fees or other refinancing costs before they can get the mortgage in place.”