Bridging
Aspen lowers rates to offset stamp duty in September
Aspen Bridging has reduced rates on all its deals at 70 per cent loan to value (LTV) by 0.05 per cent during September, in an aim to offset the re-introduction of the stamp duty land tax at the end of the month.
Prime residential purchase and refinance bridging products at this tier will now have a rate of 0.64 per cent.
Applications for loans at 75 per cent LTV will now also be considered for the £10m maximum loan size, up from £5m, with terms running from 10 to 18 months.
Additionally, Aspen Bridging has launched a no valuation residential bridge product.
To determine the value of the property, the lender will undertake a remote internal valuation assessment, which is similar to a desktop valuation.
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This will be available up to 70 per cent LTV on loans between £400,000 and £1.5m. Rates begin from 0.74 per cent and offer a completion time of up to 10 working days.
Applications are open to UK and overseas borrowers, either individuals or limited companies, for properties across England and Wales.
Jack Coombs (pictured), director at Aspen Bridging, said: “September is traditionally one of our busiest months, and the lower rates offer supported by our product and service proposition is designed to help property professionals as stamp duty fully returns.
“This is also the perfect time to launch our new no valuation product, which continues our focus on meeting borrowers needs for faster completion times.”