Rates for its core bridging product previously started at 0.48 per cent, and the reduction makes it one of the most affordable in the market according to the lender.
The lender has also introduced re-bridging on this core bridging product and changed its lending criteria to give borrowers more flexibility.
The lender updated its Mini Bridge range, which offers loans between £200,000 and £300,000, to allow multiple properties.
Masthaven’s bridging director Alan Margolis said: “With the introduction of our lowest ever bridging rate and the changes to our lending criteria, we’re making Masthaven’s offering even more competitive and ensuring that we can provide more people with the finance that’s right for them.”
He said that bridging finance was now a “mainstream product,” as demand had grown over the past year, with borrowers and brokers looking for flexible short-term finance solutions — as lockdowns, stamp duty deadlines and pandemic chain-breaks disrupted the home buying process.
In February, the lender launched a refurbishment range, which includes a heavy refurbishment option, and mini bridge products, to meet the growing demand for bridging finance.