It also lowers minimum loan size to £100,000
United Trust Bank (UTB) has implemented significant enhancements, including rate reductions of up to 14 basis points (bps) across its portfolio of regulated and unregulated bridging finance products.
Effective immediately, UTB is offering regulated standard and light refurbishment bridging loans from 0.72% per month, a reduction from the previous rate of 0.75% per month.
The most significant reductions are on the specialist lender’s unregulated bridging products. Rates are now available from 0.75% per month for standard and light refurbishment products, and 0.85% per month for heavy refurbishment products.
As part of its latest changes, UTB has also adjusted its minimum bridging loan amount from £125,000 to £100,000 for both first and second charge bridging loans. The lender has also expanded its lending footprint to include properties across all mainland Scotland, with the exception of the Isles.
These changes follow UTB’s recent decision to raise its maximum loan-to-value (LTV) for first charge standard bridging loans from 70% to 75%.
“There are positive signs that 2024 is going to be a busy year in bridging, and we want to support brokers and their customers with competitive rates and bridging loans with higher LTVs,” Sundeep Patel (pictured), director of bridging at United Trust Bank, said. “The base rate, swap rates and the property market all appear to be stabilising, and this is increasing confidence for lenders and borrowers.
“As a long established, well-funded and trusted partner with experienced and accessible sales and underwriting teams, UTB is an excellent choice for brokers wishing to secure a great deal for their clients and build a strong, long-term relationship with an agile and flexible lender which can adapt quickly in a fast-changing environment.
“With light seemingly at the end of the tunnel, we’re keen to support the market, give brokers the products and pricing they need, and all move forward together.”
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