This comes after the Guernsey-based specialist lender extended its offering to UK residents at the end of last year, in addition to its existing range for foreign nationals, UK expats and Channel Islanders investing in UK property.
The lender said the overpayment function would give landlords more flexibility with interest-only mortgages by allowing them to reduce their loan balance and increase equity.
It will be available to both UK and non-UK resident borrowers.
Tim Parkes, CEO of RAW Capital Partners, said: “It’s the start of a new year, and we know that many landlords will be scrutinising their portfolios and their finances. For our clients, this new overpayment option gives them a straightforward way to reduce leverage, build equity and manage costs, without sacrificing the flexibility of an interest-only structure.
“Following the launch of our UK product last month, this enhancement further strengthens our proposition and reflects ongoing feedback from brokers and borrowers who are looking for greater optionality within their financing. I’m confident they’ll find great value in this new offering, and we’ll be announcing further improvements in the coming weeks.”
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Aspen releases five-year bridge to let deal
Aspen has broadened its bridge to let product range with a five-year combined term.
The lender has also reduced pricing on both the initial bridge and buy-to-let (BTL) periods.
Applicants can now choose a bridge or development loan of up to 24 months, followed by a BTL product that can run up to three years. The product is intended to offer borrowers certainty and flexibility around the decision to sell or let.
The bridge to let can be used to support a heavy refurbishment, ground-up development or a rapid purchase by UK and foreign nationals.
The initial retained bridge comes before the serviced BTL with low early repayment charges (ERCs).
The maximum loan size is £15m with loan to values (LTVs) up to 80% and the product is available against residential, semi-commercial and commercial properties across England and Wales.
Jack Coombs, chief operating officer at S&U PLC, parent company of Aspen, said: “We are excited to launch our new five-year bridge to let, and we are confident that the increased term and reduced rates will be welcomed by property investors, developers and their brokers.”
This week, the lender announced rate reductions.
