United Trust Bank has announced a raft of criteria and rate changes designed to give brokers more choice when placing lower value bridging business and customers to benefit from lower admin fees and more competitive pricing.
UTB Bridging has lowered its minimum bridging loan size from £100,000 to £50,000 with immediate effect. In addition, the specialist lender has introduced a new lower admin fee of £195 for loans up to £100,000, a significant saving on the standard admin fee of £695. Interest rates for standard bridging and light refurbishment loans up to £100,000 start at 0.68% pm for regulated loans and 0.70% for unregulated.
UTB has also reduced its interest rates for regulated standard bridging and light refurbishment loans between £100,000 and £1.5m as follows
- <50% LTV – 0.61% pm (was 0.68%)
- <60% LTV – 0.64% pm (was 0.73%)
- <70% LTV – 0.68% pm (was 0.75%)
- <75% LTV – 0.72% pm (was 0.80%)
These enhancements follow recent changes to UTB Bridging’s AVM criteria. The Bank now offers automated valuations on qualifying properties up to 75% LTV, including light refurbishment cases where the total borrowing will not exceed 75% of the initial value.
More details of all the changes can be found in UTB’s Bridging Product Guides HERE.
Paula Purdy, Sales Director – Bridging, United Trust Bank, commented: “We’ve listened to feedback from brokers telling us that they have customers who could benefit from using a bridging loan but only at smaller deal sizes. The new £50,000 minimum loan size and lower admin fee opens up UTB’s competitive bridging and light refurbishment loans to a much wider market, and we’re sure brokers will be pleased to see that we’ve responded to their requests.
“The Bridging market remains intensely competitive and these significant reductions to our regulated loan pricing are excellent news for brokers and their customers looking for an experienced and approachable lender offering outstanding value for money.”