Caroline Mirakian

United Trust Bank cuts second charge loan rates by up to 1.14%

United Trust Bank (UTB) Mortgages for Intermediaries has announced a reduction in its second charge loans interest rates, with some loan-to-value (LTV) brackets witnessing a decrease of up to 1.14%.

A notable change is the 0-Status, 5-year fixed rate without an Early Repayment Charge (ERC), which has been adjusted from 9.64% to 8.5% for loans with up to a 65% LTV.

The revised 5-year fixed rates are now set at 8.10% for up to 65% LTV, 8.40% for up to 70% LTV, and 8.65% for up to 75% LTV. Meanwhile, the 5-year fixed rates without ERCs stand at 8.50% for up to 65% LTV, 8.80% for up to 70% LTV, and 9.20% for up to 75% LTV.

This announcement follows UTB’s previous disclosure about refining the criteria for its buy-to-let (BTL) mortgage range. This resulted in more favourable rates for many landlord applicants.

Brokers seeking detailed information about these updated rates can refer to the bank’s updated product guide.

Caroline Mirakian (pictured), sales and marketing director – mortgages at United Trust Bank, said: “This is more good news for brokers and customers who are trying to secure the best deals to help them fund home improvements, consolidate debts to make their outgoings more manageable or release equity from their homes for a myriad of other reasons.

“We are continually looking to find ways to offer competitive deals with the very best service and these rate reductions prove once again that when brokers are looking for great value specialist mortgages to help their customers reach their goals, they should be talking to UTB.”