Regulated bridging rates under 50% LTV are now 0.61% per month, down from 0.68%.

Brokers will be able to submit proposals through a single portal once digital upgrades are complete.

The new funding package features loans available from £7.5m to £35m and terms of up to 60 months, including a 30-month development phase.

The bridging facility carries a 12-month term to allow the owner time to achieve optimal sale value.

The maximum amount landlords can borrow with UTB has increased to £2.5 million.