United Trust Bank cuts rates on second charge loans, lowers fees for smaller loans

United Trust Bank (UTB) Mortgages for Intermediaries has announced a reduction in interest rates for its second charge loans, with up to 0.7% off.

The new rates for prime borrowers now start from 7.55% for 5-year fixed rates for loan-to-value (LTV) ratios up to 65%.

In addition to rate reductions, UTB has also lowered its product fees for second charge loans under £25,000 to £395.

This fee is considered one of the lowest in the market for this category of borrowers and aims to enhance UTB’s competitiveness in terms of monthly payments and total cost of credit for smaller loans.

These updates are part of UTB’s strategy to adapt to the changing market and offer more cost-effective solutions to customers and brokers, especially in light of the current economic challenges and the trend towards smaller loan sizes.

Caroline Mirakian (pictured), sales and marketing director – mortgages at United Trust Bank, said: “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.

“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 5-year fixes from just 7.55% and product fees from £395, we’re supporting brokers in the most practical way we can.”