UTB reduces second charge rates by up to 0.70%

United Trust Bank (UTB) Mortgages for Intermediaries has reduced interest rates across its second charge loan range by up to 0.70%.

The specialist lender also increased its maximum loan-to-income (LTI) ratio to 4.0 for all 80% to 85% loan-to-value (LTV) products.

As part of the reductions, UTB’s 5-year fixed rates for prime borrowers now start from 6.59%, 3-year fixes start from 7.69%. and 2-year fixes start from 7.59%.

UTB also recently reduced its second charge product fees for loans under £25,000 to £395.

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

“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.“