The bridging market remains open for business with a full range of finance options still on offer, the Association of Short Term Lenders (ASTL) has confirmed.
Following widespread product withdrawals in the residential and buy-to-let space ASTL CEO Vic Jannels (pictured) has moved to reassure brokers that the economic issues have not impacted bridging.
Jannels said: “Amidst the uncertainty impacting product availability in the mainstream mortgage market, the ASTL would like to confirm that the bridging sector continues to offer a full range of competitive short-term finance options for customers of our lender members.
“Short-term mortgage lending is funded in a different way to the term market, which means that recent volatility is likely to have relatively little impact on the sector.
“As such, the market continues to offer a full range of finance options and could prove particularly useful for homebuyers and movers who are currently facing a broken property chain for a variety of reasons including, for example, a mortgage product being pulled.
“It remains a particularly competitive and quick option for those selling and buying. Such as, for example, clients who might be downsizing and where an ongoing term mortgage is not required.”
