The bank’s minimum loan has been cut from £300,000 to £200,000.
For bridging loans at £200,000, rates will start at 0.43 per cent, a decrease of 0.15 per cent marking the bank’s lowest ever bridging rate.
Dual legal representation, where one law firm acts for the lender and the borrower, has been ushered in for bridging deals which Masthaven says will make the legal process smoother and cheaper for borrowers.
Richard Deacon (pictured), sales director at Masthaven, said: “The challenges over the last 18 months, as well as the stamp duty holiday, have all made the traditional homebuying process more difficult and have highlighted the value of bridging finance.
“Today’s changes are designed to cater for this growing demand and allow more customers to access bridging finance solutions easily and at rates close to those we offer on our traditional residential mortgages. Bridging finance is no longer an option of last resort and we’re confident that the product updates we have made today will provide a greater number of customers with the finance that’s right for them.”