New rates fall below 6%
United Trust Bank (UTB) Mortgages has announced rate reductions of up to 164 basis points across its second charge mortgage products.
UTB’s rate cuts mark the first time second charge rates have fallen below 6% since the Truss-Kwarteng mini budget in September 2022.
The lender’s second charge rates now start at 5.99%, with the adjustments applying to its Prime-Plus, Prime, and Near-Prime plans. The updated rates are available for both five-year fixed rate products, with and without early repayment charges (ERCs).
Prime-Plus five-year fixed rates begin at 6.55% without ERCs, while rates for those with ERCs are now available from 5.99%. Prime plan rates start at 6.75% without ERCs and 6.65% for those with ERCs. Near-Prime five-year fixed rates begin at 7.49% without ERCs, while those with ERCs start from 7.39%.
“We have been in the second charge market for a good few years now,” said Buster Tolfree (pictured), director of mortgages at United Trust Bank. “We know what brokers and consumers want. They want us to pass on our ability to reduce rates as soon as we can and by as much as we can, so that’s what we’ve done.”
Tolfree added that the bank is committed to supporting the second charge market and highlighted UTB’s reputation for quick processing times and customer service.
“We love second charges and how they can help people achieve their goals,” he said. “We offer competitive rates, broad criteria, and fast completions. We hope others in the market will follow our lead.”
UTB provides a wide range of banking services, with a focus on residential and commercial property financing. The bank has seen rapid growth in its mortgage division in recent years.
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