The specialist bank has reduced interest rates on regulated and unregulated bridging loans at various LTVs, including reductions of up to 15bps on its unregulated second charge bridging loans.
For loans up to 70% LTV, rates have reduced from 1.10% per month to 0.95% per month and for loans up to 60% rates have reduced by 10bps to 0.90% per month. Larger regulated and unregulated loans of £1.5m to £5m are now available up to 75% LTV at 0.75% per month and up to 70% LTV at 0.70% per month.
The maximum LTV on rebridges is now up to 70% on re-bridges and up to 75% on closed bridge cases, and the bank will now accept AVMs on eligible properties up to 75% LTV - this includes light refurbishment cases where the total borrowing will not exceed 75% of the initial value.
Paula Purdy, sales director – bridging (pictured), United Trust Bank, commented:
“When brokers tell you what they want from lenders, you’d be foolish to ignore them. We’ve listened to the market and responded with these excellent rate reductions and criteria changes, greater flexibility and increasing acceptance of AVMs to streamline application processing and save customers time and money."
“We have one of the most experienced and knowledgeable teams in the Bridging business. Our Sales, Underwriting and Administration teams are all driven to support brokers and deliver the best possible outcomes for complex and everyday bridging cases. We understand the value of relationships, trust and reliability, and although it looks like the rest of the year may be challenging on many fronts, UTB will be side by side with brokers helping to ensure their customers quickly obtain the competitive finance they need to seize opportunities and achieve their goals.”
