"We have taken on board this emerging trend for smaller loan sizes and the pressure on consumers caused by an avalanche of Base Rate increases and high inflation."
United Trust Bank Mortgages for Intermediaries has reduced interest rates on its second charge loans by up to 70bps, with five-year fixed rates for prime borrowers now starting from a 7.55% for LTVs up to 65%.
The specialist mortgage lender has also reduced its second charge product fees for loans under £25,000 to £395.
UTB say the changes follow a general reduction in the average loan size emerging as a result of difficult conditions for consumers amid the cost of living crisis and Base Rate rises.
Caroline Mirakian, sales and marketing director at United Trust Bank, said: “We have taken on board this emerging trend for smaller loan sizes and the pressure on consumers caused by an avalanche of Base Rate increases and high inflation.
"As usual from UTB, we want to take a lead position in supporting the market and helping brokers to serve their customers by reducing the monthly costs where we can and reducing the product fees for smaller loans.
“We appreciate the tough environment brokers are working in and want to help them to place business and achieve great outcomes for their customers by giving them more competitive product options. We believe that with market leading five-year fixes from just 7.55% and product fees from £395 we’re supporting brokers in the most practical way we can.”