UTB Announces Bridging Interest Rate Reductions and Lowers Minimum Loan Size to £100k

United Trust Bank (UTB) is sending a clear message to brokers that it is open for business in 2024 with a raft of enhancements and rate reductions of up to 14 bps across its range of regulated and unregulated bridging finance products.

Key changes

  • Regulated bridging loans available from 0.72% p.m.
  • Unregulated bridging loans available from 0.75% p.m.
  • Minimum bridging loan size reduced to £100,000 for first and second charges.
  • Now lending across all mainland Scotland with no postcode restrictions.

The specialist lender is offering regulated Standard and Light Refurbishment bridging loans from 0.72% p.m. (reduced from 0.75% p.m.) with immediate effect.

However, the biggest reductions are across UTB’s unregulated bridging products where rates are now available from 0.75% p.m. for Standard and Light Refurbishment products, and 0.85% p.m. for Heavy Refurbishment products. UTB’s unregulated Light and Heavy Refurbishment bridging products have both been reduced by 14 bps demonstrating the lender’s ambition to significantly grow its share of the unregulated bridging market this year.

In addition, UTB has also reduced its minimum bridging loan amount from £125,000 to £100,000 for first and second charge bridging loans and will now lend against properties across all mainland Scotland (but excluding the Isles).

These changes follow the specialist lender’s recent move to increase its maximum LTV for first charge Standard bridging loans from 70% to 75% and its creation of two separate and appropriately skilled underwriting teams to manage regulated and unregulated bridging proposals.

You can find more information about United Trust Bank’s range of bridging loans HERE

Sundeep Patel, Director of Bridging, United Trust Bank said: “There are positive signs that 2024 is going to be a busy year in Bridging and we want to support brokers and their customers with competitive rates and bridging loans with higher LTVs.

“The Base Rate, swap rates and the property market all appear to be stabilising and this is increasing confidence for lenders and borrowers. As a long established, well-funded and trusted partner with experienced and accessible sales and underwriting teams, UTB is an excellent choice for brokers wishing to secure a great deal for their clients and build a strong, long-term relationship with an agile and flexible lender which can adapt quickly in a fast changing environment. With light seemingly at the end of the tunnel, we’re keen to support the market, give brokers the products and pricing they need, and all move forward together.”