Aldermore, the specialist finance lender, has announced temporary changes to its underwriting guidance. The changes have been made to aid buyers using bridging finance who wish to take advantage of the stamp duty holiday, before it ends on 31st March 2021.
The lender will now accept refinance from bridging for owner-occupied properties of less than six months. No additional borrowing (except fees) will be allowed and the the property must have been owned for one month or more.
This will help those buyers who are part of a chain to break it with short-term finance, and complete before the end of the stamp duty holiday.
Jon Cooper, head of mortgage distribution at Aldermore, said: “The stamp duty scheme has provided a welcome boost to the housing market but we know it’s also created challenges given the hard deadline.
“The demand for March completions has caused delays across the home buying process and we wanted to let our brokers know if they have customers wanting to use bridging finance to help secure a property before 31 March, then we’re here to help.”
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