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.”
