Tiuta has reduced its closed bridge rates by 0.5% and slashed the cost of upfront legal fees.
In addition to Tiuta’s recent decision to increase its LTV levels across a number of bridging product areas, based on an open market valuation, the specialist lender has subsequently cut the rates on its closed bridge offering from 1.5% per calendar month to 1% per calendar month.
It has also lowered its up front legal fees from £850 to £495.
A closed bridge is a loan available to homebuyers where the contract for sale has been completed but there is a delay between the receipt of funds and the settlement to purchase the new property.
George Patellis, chief executive officer at Tiuta, says: “We are working hard to make ourselves a brand that intermediaries trust and to ensure that their clients can benefit from greater flexibility and access to enhanced borrowing requirements when many lenders are simply closing the door on far too many good quality applicants.
“We are looking forward to building on some very solid foundations by continuing to innovate and have a number of exciting plans in the pipeline for the rest of the year and beyond.”