Mercantile Trust releases fixed rate bridging option

Loans are available on a first and second charge basis with rates starting from 1.06 per cent per month. The minimum loan available is £25,000 and there is no minimum term. Terms of up to 18 months are available. 

The maximum loan to value (LTV) is 75 per cent in England, Wales and Scotland, and 70 per cent in Northern Ireland. 

The lender will accept first-time landlords, first-time buyers and experienced property professionals. 

The range sits alongside its variable rate offering. 

Maeve Ward (pictured), director of commercial operations at Mercantile Trust, said: “Mercantile Trust will be announcing a series of new products over the next few weeks, all designed to expand our offering and offer alternative solutions for brokers and their clients. 

“Our new fixed rates provide greater options, plus certainty and flexibility to bridging customers, and will also appeal to those requiring smaller advances compared to those typically offered in the market.” 

She added: “Our use of automated valuation models (AVMs) and in-house legals enable applications to be turned around very quickly when timing is paramount. In addition, we encourage brokers to refer cases to the Mercantile Trust mortgage desk as they will assess each enquiry on its merit, offering solutions that otherwise might not have been available.”