Colenko triple locks rates amid market uncertainty

In response to unstable swap rates, the lender has stated that all products with an agreement in principle in place will be honoured if they are completed by the October deadline.

Standard residential, commercial bridging and refurbishment bridging products are included. Fixed rates start from 0.99 per cent per month at up to 75 per cent loan to gross development value (LTGTV) on residential and houses in multiple occupation (HMO) properties. The offer is accessible to individual and corporate borrowers, including foreign nationals.

The lender’s refurbishment bridge product offers loans of up to £1m for a maximum term of 18 months. It is available to customers in England and Wales.

Rob Roscoe, chief executive of Colenko, said: “With a further base rate increase expected in August, and swap rates continually going up, borrowers are worried. With our triple lock products, we are doing what we can to provide some certainty – we commit to our rates as soon as we issue an agreement in principle, and we commit for enough time to allow loans to complete.”

Brian Love, commercial finance director at specialist finance broker Sedulo, said: “Colenko’s triple lock product has been excellent and will be a huge help with further rate rises on the horizon.”