Central Trust has expanded its regulated bridging proposition into Scotland and Northern Ireland, making the product available to brokers across the whole of the UK.
Previously available only in England and Wales, the specialist lender will now consider regulated bridging loans secured against properties in all four UK nations.
The expansion is particularly aimed at widening options for smaller bridging requirements, with Central Trust offering loans from £20,000.
Maximum LTV in Scotland and Northern Ireland is 70% on properties valued at £75,000 or more, compared with a maximum of 75% LTV in England and Wales.
LOANS FROM £20,000
Central Trust’s regulated bridging facilities are available for terms of up to 12 months and can be used for circumstances including purchasing a new home before an existing property is sold, breaking a property chain and carrying out improvements before a sale.
The lender says its £20,000 minimum loan size could be particularly relevant in Northern Ireland, where there are fewer lenders operating in the regulated bridging market and minimum borrowing requirements can make smaller cases more difficult to place.
Regulated bridging is subject to FCA mortgage rules where the loan is secured on a property occupied, or intended to be occupied, by the borrower or a close family member.
The expansion means Central Trust can now offer the same minimum loan size across England, Wales, Scotland and Northern Ireland, albeit with different maximum LTVs.
‘GREATER CHOICE AND FLEXIBILITY’
Debbie Burton, CEO at Central Trust, says: “Expanding our regulated bridging proposition into Scotland and Northern Ireland is an important step in making short-term finance more accessible to brokers and their clients across the UK.
“We recognise that smaller regulated bridging requirements can be more challenging to place in these markets, so offering loans from £20,000, alongside up to 70% LTV, gives brokers greater choice and flexibility.
“Our aim is to make the process of placing regulated bridging cases as straightforward and consistent as possible, wherever the property is located.”
Central Trust is part of Norfolk Capital Group and is a member of the Finance & Leasing Association (FLA).
