With a reduction of up to 70bps, rates now start from 6.59%
United Trust Bank (UTB) Mortgages for Intermediaries has announced a reduction in interest rates across its second charge loan range.
The reprice, which see rates lowered by up to 70 basis points, now has five-year fixed rates at 6.59% for prime borrowers.
The lender has also increased its maximum loan-to-income (LTI) ratio to four for all 80 to 85% loan-to-value (LTV) products.
Example rates under the revised structure include five-year fixes at 6.59%, three-year fixes at 7.69%, and two-year fixes at 7.59%.
In addition, the bank has made recent adjustments to its second charge product fees, reducing them to £395 for loans under £25,000.
Brokers seeking full details of UTB’s new second charge loan rates can refer to the lender’s updated product guide available online.
“UTB has been a driving force in the second charge market for nearly a decade and lower rates, lower fees, and higher LTIs are fantastic news for brokers and customers to start the year with,” Caroline Mirakian (pictured), sales and marketing director for mortgages at United Trust Bank, said.
“As the economic outlook continues to improve, we believe 2024 will be a record year for the second charge market. We’re committed to offering brokers the best range of specialist mortgage products, pricing, and service, and doing all we can to help them deliver the excellent outcomes their customers deserve.”
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