United Trust Bank (UTB) Mortgages has announced rate reductions of up to 0.84% across selected second charge products, complementing recent changes to its loan criteria and product structure.
In recent weeks, UTB has removed product fees on second charge loans under £40,000, increased its maximum second charge loan size to £1m up to 80% LTV on ERC products, and enhanced its AVM criteria to 80% LTV.
The lender now also allows unlimited overpayments on second charge loans, with early repayment charges only payable upon full redemption.
The revised pricing, available immediately, includes Prime-Plus 5-year fixes from 5.59% and 5-year fixes with no ERC from 6.35%.
Prime plans start from 5.84% or 6.50% with no ERC, while Near-Prime options begin at 6.99% and 7.35% respectively.
Buster Tolfree, director of mortgages at United Trust Bank, said: “These lower rates combined with all our recently introduced product and criteria enhancements are great news for brokers and customers looking to take advantage of this very quick and versatile product.
“We continue to support the specialist market with innovative products, competitive pricing and attractive criteria, encouraging brokers to add seconds to their regular toolkit and growing the second charge market.”
