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Glenhawk cuts rates across regulated bridging range

  • 05/05/2022
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Glenhawk cuts rates across regulated bridging range
Challenger lender Glenhawk has reduced rates across its entire regulated bridging range, with its lowest ever rate of 0.49 per cent per month, and an additional 75 per cent loan to value (LTV) product.

Loans between £150,000 and £2m can be accessed with a maximum term length of 12 months.

The interest rate varies by LTV tier, with 60 per cent LTV monthly interest rate pegged at 0.54 per cent.

This rises to 0.56 per cent interest at 65 per cent LTV, and at 70 per cent LTV it goes up to 0.64 per cent. At the new 75 per cent LTV tier, the interest rate stands at 0.69 per cent.

Other features in the range include title indemnity insurance for speed of completion, and short form valuation reports to lower borrowing costs.

The lender said that its range was aimed at borrowers wanting to secure finance against their primary residence.

Glenhawk cited Mintel Bridging research that predicts the bridging market will grow 11 per cent per year as more people looked to access finance for refurbishment.

Guy Harrington (pictured), chief executive of Glenhawk, said that the homeowner market had “remained resilient” and the low interest rate environment, and accrued consumer savings would “underpin robust borrower demand.”

He explained: “The increase to our maximum LTV is in direct response to this demand and a shortage of competitively priced products in the market. The development of our highly attractive offering, along with our sector expertise and service, has been central to Glenhawk’s approach since we launched four years ago.”

Harrington added that the lender had had two consecutive record months of lending over March and April, which he said showed “market appetite for our innovative lending solutions”.

He continued that with its “significant institutional capital backing” this would support its next stage of growth.

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