Bridging rates now start from 0.62% per month, while products are available from 55% to 75% LTV.
The new developer exit rates start from 0.69% per month and lend up to 75% LTV, the product has no limit on the number of units and no maximum loan size — the offering is designed for customers who are in the process of selling, organising long-term finance or seeking to release capital to move on to another project.
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Commenting on the new rates, Alan Kimber, head of bridging at Precise (pictured above), said: “The bridging market was expected to hit £10.9bn in value by the end of 2024 and has continued to gain momentum as we get closer to the stamp duty changes coming in from April 2025.
“At Precise, we understand the pressures that brokers and their customers are facing at the moment as a chain break, regardless of the circumstances, could make the difference between a customer securing their dream home or having to start again and face higher stamp duty charges.
“These rate cuts along with the criteria changes and wider LTV banding reflect our efforts to help ease the stress for unexpected situations where bridging could be the ideal solution for their requirements.”
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