Meanwhile, Christian Duncan, managing director at Manchester Mortgage Centre, said in 2023, he had seen very few enquiries for bridging finance, despite it still being competitively priced.
“For anybody looking to secure bridging finance, the focus has always been the repayment vehicle; the most common being refinancing onto a traditional first charge buy-to-let mortgage, or sale of the investment,” he said.
As a result of buy-to-let rates increasing, Duncan had seen more and more deals not fit after assessment.
He added that this was leaving investors cautious and insecure about how the market would look when they came to secure their exit strategy.
“I predict that in 2024 and 2025 however, we will see a huge increase in investors looking to secure those deals following the deflation of the UK property market,” Duncan said.
How do you believe the bridging market is fairing at present? Let us know in the comment section below.