Move aims to support brokers as demand for short-term finance rises
United Trust Bank (UTB) has reduced interest rates across its bridging loan products, with new rates starting as low as 0.65% per month on standard regulated loans and 0.63% for larger loans.
The specialist lender has also standardised rates for loans above its £100,000 minimum threshold, eliminating the higher rates that previously applied to loans under £200,000.
The updated rates include a reduction in standard regulated rates to 0.65% per month, down from 0.75%. Standard unregulated rates now start at 0.73% per month, reduced from 0.75%.
For regulated large loans, rates have dropped to 0.63% per month from the previous 0.64%. Heavy refurbishment loans for experienced borrowers up to 70% LTV are now available from 0.80% per month, down from 0.90%, while rates for inexperienced borrowers on similar loans up to 70% LTV start at 0.90% per month, down from 1.00%.
The new rates apply to both regulated and unregulated loans, with detailed information available in the bank’s updated product guides.
UTB's Bridging department have reduced their interest rates across their entire range of products to support the market after seeing an increase in demand for Bridging Finance due to greater market and economic stability.
— United Trust Bank (@UnitedTrustBank) November 13, 2024
Updated Product Guides here: https://t.co/PdWnfZNZ6h pic.twitter.com/6t9k97Al7P
“I am delighted that we are able to support our brokers by reducing interest rates across the entire range of UTB bridging products,” said Sundeep Patel (pictured), director of bridging at United Trust Bank. “There has been a surge in demand for bridging finance following the latest reduction in the Bank of England base rate and news that housing market activity is increasing along with average house prices.
“This decision to cut rates reflects our increasing confidence in the market and the economy, and we want to support brokers and customers with great service and competitively priced bridging finance solutions to help them seize opportunities and achieve their goals.”
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