Aspen reduces rates by up to 0.72%

Aspen has responded to the latest Bank of England base rate reduction with rate cuts of up to 0.72% across several of its products.

Residential bridging is now 0.78% per month (pm) at 75% loan-to-value (LTV).

Heavy refurbishment is now available at 0.83% pm at 80% LTV and 0.78% pm at 75% LTV.

Stepped rates, which are available for all products and clients, are now available from 0.39% pm.

In addition its No Valuation rates have dropped to 0.84% pm at 75% LTV, a decrease of 0.60%.

Aspen’s 2-year BTL pay rate, which is also available for foreign nationals, is now 6.49% per annum (pa), a reduction of 0.25%.

The lender is simultaneously launching a new larger loan offering with flat rates from 0.75% pm and stepped rates from 0.39% pm for loans above £2m up to £15m net.

Jack Coombs (pictured), managing director at Aspen Bridging, said: “In this rapidly evolving financial market it’s essential we ensure competitiveness and these broad and significant reductions, alongside our excellent customer service, will ensure we are a leading lender for brokers’ quality clients.”

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