Earlier today the Monetary Policy Committee (MPC) voted by a majority of 8-1 to increase the base rate from 1.25 per cent to 1.75 per cent. This is the sixth consecutive increase to the base rate.
Black and White Bridging offers a variety of bridging including auction, business, commercial, refurbishment, residential, sales period and second charge bridge products. It also offers development finance products.
Examples of rate increases include the monthly interest rate for its residential bridging product rising from 1.09 per cent to 1.19 per cent.
The maximum LTV was previously 75 per cent.
The lender said applications in legals would be honoured and those at valuation would be considered on a case-by-case basis.
Cases at the agreements in principle stage will keep their original offered terms until their published expiry date.
Black and White Bridging’s head of lending, Oli Bland, said: “We have always been a lender that has adopted a front foot stance from the day we launched in the way we treat our introducers.
“Everything we do is predicated on the principle of being completely and utterly transparent in all our dealings and that means immediate decisions and 24/7 communication until completion and no unwelcome surprises.”
He added that the firm owed it to brokers to inform them of rate rises as soon as possible, adding that it was “committed to ensuring that brokers and their clients receive sustainable and positive outcomes at all times”.