As part of its drive to increase its proposition, UX Mortgages has confirmed it is to offer a bridging loan service, focusing on investors and high net worth clients.
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Available for open and closed bridging loans, UX is to offer 85 per cent loan-to-value (LTV), up to 100 per cent of the purchase price via a gifted deposit. Next-day drawdown and same-day turnarounds are also offered by the lender.
Announcing the launch, Randeesh Sandhu, managing director UX Mortgages, said: “Professional landlords need the flexibility to make quick decisions on property. There are a whole range of opportunities where bridging could be used, and we can lend off of the property valuation within 24-48 hours.”
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He added: “The bridging finance market has continued to grow over the past couple of years, and will be driven by good, reliable service and competitive rates.”
Hugh Nichols, partner at Badbury Berkeley Financial Services, said: “Bridging is still a niche market and can be high risk for the client depending on whether the loan is open and closed. There has been a few more borrower enquiries, but is still a small area of the market.”
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As part of its drive into the market, UX has also expanded its buy-to-let offering with the launch of a two-year fixed rate mortgage. Available from 5.79 per cent, Sandhu confirmed the product was available at 85 per cent LTV, plus the 15 per cent gifted deposit available.
