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Two building societies mull bridging launches

3/10/2017 12:00:00 AM   0 Comments   bridging loans, buy to let

Saffron Building Society and Buckinghamshire Building Society are both considering launching bridging loan options, Mortgage Strategy can report.

Bridging is an unusual offering for the UKs 48 building societies and is currently only offered by one, Harpenden.

Saffron wants to offer unregulated bridging.

A Saffron spokesman says the lender is “planning to offer unregulated bridging as an exit route for property developers”.

Meanwhile, Buckinghamshire is in talks to bring out a regulated bridging loan, Mortgage Strategy understands.

Harpenden will lend up to £1.2m for bridging loans and has an LTV cap of 60 per cent.

Last week saw the news that Yorkshire Building Society might relaunch into interest-only lending.

Yorkshire stopped offering interest-only mortgages to new residential customers in March 2013 ahead of the Mortgage Market Reviews tougher rules on repayment strategies for the loans.

Sam Barker   https://www.mortgagestrategy.co.uk/two-building-societies-mull-bridging-launches/
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