United Trust Bank has announced a series of criteria and rate changes across its bridging range.
UTB Bridging has lowered its minimum bridging loan size from £100,000 to £50,000. In addition, the specialist lender has introduced a new lower admin fee of £195 for loans up to £100,000, down from the standard admin fee of £695.
UTB has also reduced its interest rates for regulated standard bridging and light refurbishment loans between £100,000 and £1.5m.
Rates below 50% LTV now start from 0.61% pm, 60% LTV rates have reduced to 0.64%, 70% LTV rates to 0.68%, and 75% LTV rates to 0.72%.
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.
Paula Purdy, bridging sales director at 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.”
