Savills Private Finance (SPF) has today launched an exclusive bridging product for those purchasing a buy-to-let property at auction. This new product will offer borrowers a pay rate of 0.99% (12.5% APR), a product arrangement fee of 0.75% and no early repayment charges.

Product criteria as follows:

Pay rate of 0.99% per month. The overall cost for comparison is 12.5% APR. 0.75% product arrangement fee.

Auction buy-to-let purchase only.

Available for property in London and the South-East only.

Maximum loan-to-value (LTV) 65% although 70% LTV is possible depending on the property.

Andre Bartlett, Associate Director at SPF, says, ''We have been involved in bridging finance for a long time but this is the first time we have had a product that is exclusively available to our clients. We see bridging finance as an area of growth and one which we are delighted to put our name to.''