United Trust Bank (UTB) Mortgages for Intermediaries has significantly reduced the rates for its second charge loans, now offering rates starting at 6.99%. This marks the first occasion since the Truss/Kwarteng mini-Budget that second charge Loan rates have fallen below 7%.
The reductions include up to 1% lower rates for UTB’s 1 & 2 Status plans and up to 0.56% lower for 0-Status plans, with 5-year fixes featuring an early repayment charge (ERC) starting from 6.99%.
Caroline Mirakian, sales and marketing director – mortgages at United Trust Bank, said: “As an established and significant player in the second charge market, brokers look to us to lead where others follow. We listen to introducers and move quickly to offer great products and competitive pricing.
“There are encouraging signs that we’re through the worst of the rate hike pain and I’m delighted that UTB is the first second charge lender to offer a sub 7% rate in over a year.
“With rate reductions across the second charge board, we’re making affordability easier for customers, enabling them to borrow what they need and helping brokers write more business.”
