Tuscan Capital adds base rate tracker to range

This product will sit alongside the short-term lender’s fast track residential bridge, commercial loan and refurbishment products. 

Pricing on the base rate tracker starts at 0.53 per cent above the bank base rate and has a minimum term of three months. It is available up to 75 per cent loan to value (LTV) and has no exit fees or early settlement penalties. 

If the interest rate changes during the loan term, the borrower can choose to either adjust the monthly payments or have the adjustment collected on redemption. 

Giving borrowers a choice 

Colin Sanders, CEO of Tuscan Capital, said: “Given the volatile economic conditions at present and with so much speculation about interest rates increasing over the short to medium term, we thought brokers should be armed with the option of fixed or variable interest rates across our product range.  

“With interest rates trending upwards, finance providers in all markets will be looking to hedge their position for fixed term products.” 

Richard Deacon, sales director at Tuscan Capital, added: “Whilst the certainty of fixed rates can be appealing to customers, the costs for lenders to lock down their own funding becomes expensive in this environment, which can mean that fixed money isn’t the cheaper option, particularly when borrowing a short-term bridge loan.  

“By Tuscan offering the choice of a base rate tracker or a fixed product, the broker can help the customer choose the best option for their circumstances.” 

It’s been a busy year for the firm. In January, Mortgage Solutions reported that Tuscan Capital had entered the commercial bridging market while over the Summer, the company  added a free automated valuation model option to its fast track bridging proposition and hired in a new sales director Richard Deacon.