Bridging lender Black and White Bridging is raising rates by 10 basis points and cutting its maximum loan to value (LTV) to 70 per cent following the Bank of England’s decision to increase the base rate to 1.75 per cent.
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”.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
