Aspen has responded to the recent Bank of England base rate cut by launching a new rate card featuring reductions of up to 72 basis points across several key products.
Residential bridging now starts at 0.78% per month at 75% loan-to-value (LTV), reflecting a 72bps price drop.
Heavy refurbishment loans are available at 0.83% per month at 80% LTV and 0.78% per month at 75% LTV, both reduced by 72bps.
Stepped rates, which apply to all products and clients, have also been cut by 72bps and now start at 0.39% per month.
Additionally, no valuation rates have fallen to 0.84% per month at 75% LTV, a 60bps reduction.
Aspen’s 2-year buy-to-let pay rate, which includes options for foreign nationals, is now 6.49% per annum, down 25bps.
Alongside these changes, the lender has introduced a new offering for larger loans. Flat rates start at 0.75% per month, while stepped rates begin at 0.39% per month for loans from £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.”
