Aldermore has loosened its bridging loan offering by reducing its minimum valuation for light refurbishment down to £75,000 from £100,000.
In doing so Aldermore is bringing its bridging criteria in line with its residential and buy-to-let mortgages.
The minimum age required for those qualifying for its bridging loans has also been reduced from 25 to 21, unless the applicant is a first-time landlord and the bank has extended its family gifted deposits to include additional family members (aunts and uncles) and foster parents or legal guardians.
Finally, when customers are ready to exit their bridging loan, Aldermore’s bridge to term offering allows them to switch to a buy to let or commercial product for long term funding.
Charles Haresnape, group managing director, mortgages, Aldermore said: “As the demographics of who is seeking a bridging loan changes, and we increasingly move away from the idea of ‘the average customer’, a reduction in the minimum age reflects our commitment to continually improve our products and services and to provide more flexible and bespoke financing options for our borrowers.
“As the bridging market continues to grow and develop, expanding our bridging offering is an essential step in helping those customers looking for alternative finance that best suits their needs.”