United Trust Bank cuts bridging rates by up to 0.07%
UTB cut rates across its regulated standard and light refurbishment bridging loan range.
United Trust Bank (UTB) has cut rates by up to 0.07% across its regulated standard and light refurbishment bridging loan range.
New rates now start from 0.57% per month for loans under 50% loan-to-value (LTV), 0.58% per month for loans under 60% LTV and 0.59% per month for loans under 65% LTV.
Additionally, rates are 0.61% per month for loans under 70% LTV and 0.65% per month for loans under 75% LTV.
The lender has also made changes to its underwriting and processing, reporting that the average time from application to decision in principle (DIP) and from DIP to valuation has halved.
Andrew Ferguson, commercial director of mortgages, BTL and bridging at UTB, said: “We know how important it is for brokers to have access to genuinely competitive pricing, especially in a market that continues to shift, so these rate reductions are all about giving our broker partners even more ways to win business and deliver great outcomes for their clients.
“At the same time, we’ve been working hard behind the scenes to make sure our service matches that pricing.
“The changes we’ve made to our underwriting and processing are already having a real impact, with significantly faster times from application to completion at a pace brokers expect from an experienced bridging lender.”
Ferguson added: “We’re focused on combining sharp pricing with speed, certainty and a smoother broker experience and remain fully committed to supporting bridging brokers with the tools, service and consistency they need to place business with confidence.”
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