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Octopus slashes bridging loan rates

2/21/2017 12:00:00 AM   0 Comments   bridging loans, buy to let

The lender now offers interest rates of just 0.6 per cent per month on a loan-to-value (LTV) of up to 50 per cent, down from 0.85 per cent previously.

For LTVs of 50.1 per centto 55 per cent, the new rate is 0.65 per cent, down from 0.95 per cent, while 55.1 to 60 per cent LTVs are down to 0.7 per cent, from 1.05 per cent previously.

On the higher LTVs, interest rates have fallen below 1 per cent for the first time.

Property bridging loans with an LTV of 60.1 to 65 per cent are now subject to a monthly interest rates of 0.75 per cent, down from 1.15 per cent, while 65.1 to 70 per cent LTVs are now 0.8 per cent, down from 1.15 per cent previously.

The new rates come into effect today (6 February).

Mario Berti, chief executive of Octopus Property, said that the price cuts are just the first in a line of product changes to be rolled out across 2017.

Kathryn Gaw
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