Optimum Broadcast

15/11/2023

Bridging loan books hit a new record high in Q3 2023, according to the latest data from the Association of Short Term Lenders (ASTL), with applications and completions also showing strong growth during the period.

The figures, compiled by auditors from data provided by members of the ASTL, show increases across all areas of lending, with bridging loan books continuing their upward trend, growing by 2.0% to reach a new high of £7.3 billion.

Applications rose to £9.7bn, an increase of 5.6% compared to the quarter ended June 2023. Completions were £1.4 billion, which is an increase of 5.8% on the previous quarter.

Average LTVs were virtually unchanged at 57.7%, which is a very small decrease from 57.8% in the June 2023 quarter.

“Bridging lending has again bucked the trend of the wider market to record a period of strong growth in the third quarter of 2023.

“This growth can be attributed to several factors. The versatility of bridging finance is being recognised by a growing number of customers and brokers who are realising the vital role it has to play in financing a period of transition, particularly in an uncertain economic environment.“ - Vic Jannels, CEO of the ASTL

Financial Reporter | ASTL

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02/11/2023

The Bank of England has today announced that the base rate has been held at 5.25% for the second consecutive month!🥳

06/10/2023

22/09/2023

This week on the Broadcast Bulletin, we saw positive headlines in commercial product updates. Landbay reduced rates on their two-year and five-year fixed rate offerings, whilst West One, Atom Bank and Castle trust all announced exciting new products.

In the lender update section, Allica reported £2bn of broker-introduced mortgage offers, Roma Finance announced enhancements to their underwriting team, Together’s end of year results showed their loan book had grown to £6.4bn and Recognise Bank reported another record month.

In market news we saw further details about yesterday’s announcement that the Bank of England base rate is remaining at 5.25%.

Finally, in mortgage news we saw rate reductions across the board and new products from Nottingham Building Society.

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