Interest charge

Mercantile Trust improves first and second load transition offer

“Along with these product enhancements, our new Mortgage Window has been designed to make the broker and client journey smoother.”

The range of residential products now includes: “micro”, light and heavy renovation and second load bridging products.

After rate cuts of up to 0.25 percentage points, rates now start from 0.75%.

Loans are available from £25,000 to £49,999 on its micro relay range, as a first or second charge up to 75% LTV. Light renovation loans are available from £50,000 to £500,000 as a first or second charge up to 75% LTV.

Its heavy renovation range is available for properties requiring major structural upgrades that require planning, such as wrap-around extensions, digging into the basement, loft conversions, and more. Loans are available from £50,000 up to £500,000 in % LTV.

Residential Bridge Loans are available from £50,000 – £500,000 as first and second charge up to 75% LTV and Second Charge Bridge Loans are available from £50,000 – £500,000 up to at 75% LTV.

To support these changes, Mercantile Trust has created a Mortgage Window designated as a central point of contact for broker inquiries and referrals. The aim of the Mortgage Office is to ensure that each case is assessed on its individual merit and to provide brokers with clarity on what is required from the outset, ensuring that objectives do not shift later.

All Mercantile Trust bridging products offer the possibility of term refinancing without prepayment charges; interest is calculated daily with the option to service or roll interest.

Maeve Ward, Director of Business Operations at Mercantile Trust, commented: “We spent a lot of time discussing with the brokers how to make our proposal clearer and more attractive to borrowers. Our new line offers value-priced products that meet a wide variety of scenarios.

“Along with these product enhancements, our new mortgage window has been designed to make the broker’s and client’s journey easier.

“These changes are just the start of a whole series of significant product improvements that you will see from Mercantile Trust over the coming weeks and months.”