Market Financial Solutions (MFS) has launched a new range of variable rate bridging products to provide borrowers with more options. The specialist lender has confirmed it is offering bridging loans with rates from 0.55% plus the Bank of England’s base rate. The variable products are available across the entire MFS bridging range, with LTVs of up to 75% available. Fixed rates are still available alongside the new variable rate products, which are on offer to both new and existing clients, the lender confirmed.

Castle Trust Bank has completed a £4.6m light refurb bridge to fund the renovation of a large Multi-Unit Freehold Block (MUFB). The bank was approached Sirius Property Finance, to structure a loan for his client, secured on a 57-unit MUFB in Newcastle with a purchase price of £6.3m. The client was a limited company with two directors, both of whom were seasoned developers with five properties owned between them. There was an additional complication due to court proceedings regarding a utilities bill, but Castle Trust Bank worked together with Sirius and the client to quickly process the case once clearance had been obtained by the court, and deliver the funds required.

Dudley Building Society has relaunched its partnership with TBMC, adding the firm as an approved packager to their panel. TBMC has historically focused on buy-to-let (BTL) mortgages, while Dudley has been focusing on enhancing its BTL proposition since it rejoined the market, with expat BTL and holiday let products to suit applicants with more complex needs. Dudley offers a range of fixed and discounted products for BTL applicants, with maximum LTVs of 80%.

Vida has launched a new pledge that allows brokers to request a refund of the £180 application admin fee if they feel they have received anything but excellent service. With the launch of its V-Hub last year, which allows brokers to speak directly to experts and underwriters throughout their application, Vida said it has been focused on creating a service proposition that intermediaries can put their trust in. The specialist lender said its new “Vida service pledge” is testament to the strength of the service it is now offering brokers.  

UK Moneyman has announced that it has added home reversion plans to its permissions at the FCA. This comes in addition to its wide-ranging later life lending offering, the firm said. Dan Osman, head of later life lending at UK Moneyman, said that while home reversion has become a “niche product” over the years, it can still be the “most appropriate solution” for some clients.

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