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.
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.
No one likes to announce rate increases, but we owe it to our brokers to let them know as soon as possible what our changes will be. We say and do what other lenders should be doing at all times. In line with being a responsible lender, we don’t bury our heads in the sand when there is something that other lenders would only let people find out after they have submitted new business. We do the opposite and will report every change as soon as it has been decided. Black & White is committed to ensuring that brokers and their clients receive sustainable and positive outcomes at all times.”