Bridge finance specialist Market Harborough Building Society is starting the new year with a series of changes. This includes a 0.20% reduction in the standard variable rate (SVR) to 7.99% and further reductions in fixed and variable mortgage rates, meaning residential rates fall by up to 0.40% and rental rates by 0.20%.
Market Harborough has also raised its standards, including revising the interest rate stress rate for its residential solutions and lowering the minimum share capital required for interest-only deals in London and the South East to £300,000.
Commenting on the changes, Iain Smith, head of mortgage distribution at Market Harborough, said: “These latest rate and criteria enhancements mean brokers and their clients can now more easily access specialist lending solutions for loans up to £5 million. Like As always, we’ll let our partners know about these rate reductions in advance.
Following the changes, association rates now range from: 5.29% fixed rate, 5.84% variable rate, up to a maximum of 75% LTV, and a product fee of £1,495 for Tier 1 residential cases.
For Tier 1 cases, interest rates on loans up to 75% of the loan value are 5.55% fixed and 6.10% variable, including top tier and retirement loans as standard.
Its monthly bridging finance rates now range from: 0.61% variable and 0.65% for up to 50% LTV 0.67% variable and 0.71% fixed for between 50.01% – 60% LTV LTV 0.73% variable and 0.77% fixed % LTV.
