Rate rise clarity
In the wake of the BoE base rate rise, Black & White Bridging (B&W) is making sure that brokers are totally aware of how the lender is responding by publishing its changes to rates and criteria. The lender has always believed in making sure that its broker clients are fully apprised and up to date with changes as soon as possible.
Why it matters
Now that the Base Rate has risen by 0.50%, B&W is instigating a 10 basis point rise to its current rate and is reducing its LTV to 70%. Applications in legals currently will be honoured and those at valuation will be considered on a case by case basis.AIPs will have until the published expiry date to secure the terms that were originally offered.
Talking about the changes, Head of Lending, Oli Bland said, “We have always been a lender that has adopted a front foot stance from the day we launched in the way we treat our introducers. Everything we do is predicated on the principle of being completely and utterly transparent in all our dealings and that means immediate decisions and 24/7 communication until completion and no unwelcome surprises.
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