It also reduces product fee for loans below £25,000
United Trust Bank (UTB) Mortgages for Intermediaries has reduced interest rates for its second charge loans by up to 70 basis points, with five-year fixes for prime borrowers now starting from 7.55% for up to 65% loan-to-value (LTV).
The specialist mortgage lender has also lowered its second charge product fees to £395 for loans under £25,000, making UTB more competitive on both monthly payments and total cost of credit measures for smaller loans.
Brokers can find full details of the new second charge loan rates in the lender’s updated product guide.
The reduction in rates and fees, UTB said, demonstrate its desire to support and adapt to the changing market and help customers and brokers with lower cost products. It noted a general reduction in the average loan size emerging as a result of difficult conditions for consumers amid the cost-of-living crisis and base rate rises.
“We have taken on board this emerging trend for smaller loan sizes and the pressure on consumers caused by an avalanche of base rate increases and high inflation,” stated Caroline Mirakian (pictured), sales and marketing director for mortgages at United Trust Bank. “As usual from UTB, we want to take a lead position in supporting the market and helping brokers to serve their customers by reducing the monthly costs where we can and reducing the product fees for smaller loans.
“We appreciate the tough environment brokers are working in and want to help them to place business and achieve great outcomes for their customers by giving them more competitive product options. We believe that with market leading five-year fixes from just 7.55% and product fees from £395, we’re supporting brokers in the most practical way we can.”
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