Hope Capital announce rates to be fixed on loans above £500k
Following the Bank of England announcing it has once again raised interest rates, specialist short-term lender, Hope Capital, has announced it will be holding rates on all deals over £500k until at least the end of April.
Hope Capital introduced its fixed rate scheme, the Hope Guarantee, in September 2022, providing brokers and their clients with much needed stability and security in the current economic climate. This involves borrower’s rates being fixed for the term of their loan, as soon as Hope Capital’s solicitors have been instructed providing there are no material changes to the application or loan.
In line with the Bank of England’s latest announcement, Hope Capital feel extremely confident that by continuing to roll out its fixed rate scheme, brokers and borrowers alike will be able to borrow with confidence, regardless of what is happening in the market.
Jonathan Sealey, CEO at Hope Capital, said: “With many lenders continuing the trend of withdrawing fixed rate deals from market with little or no notice and introducing higher rates instead, we have decided to counter this by continuing to roll out our fixed rate scheme, the Hope Guarantee.
“Following the latest rate rise, I predict that even more lenders will focus on variable rates and pull their products from the market. Therefore, we hope our decision will provide reassurance and support borrowers who are looking for a solution to overcome this.”
Hope Capital provide bridging loans across residential, semi-commercial, commercial and land deals, with rates starting from 0.72% and can lend up to 75% LTV. Earlier this year, Hope Capital announced it had launched two brand-new products: Bridge 2 Let, which offers individuals and companies a bridging loan initially for up to 12 months followed by up to 24 months on a serviced term basis, and Term 2 Rent, a product that targets borrowers who are looking for a fixed term solution up to 24 months without the need for ICR calculations.
Jonathan, continued: “This is no doubt a challenging time, but having the opportunity as a borrower to lock in at a great rate now and protect themselves against even further rate increases, we feel is pivotal, especially with the competitive options we provide.”