United Trust Bank has lowered interest rates for bridging loans, which now start from 0.69% per month.

The lender believes that brokers will now be able to offer the flexible financing solution to more customers in a wider variety of circumstances.

The 0.69% per month rate is for first charge loans secured on residential property with an LTV of up to 40%. In the 50%-60% LTV range, rates have been reduced to 0.75% and 0.80% respectively. Rates have also been reduced for LTVs up to 70%.

Alan Margolis, head of bridging at United Trust Bank, said: “I’m pleased to be revealing these new, lower interest rates for our short term secured loans. The bridging market has undergone a period of significant growth in the last few years and this move underlines our commitment to brokers and their clients and sends a clear message that we have funds available, that we want to do deals and that we intend to increase our market share further.

“Over the last few years we have witnessed the maturing of bridging finance to become a much more recognised and versatile means of capital raising, with applications stretching far beyond the classic bridge. Lenders such as United Trust Bank have worked hard to increase professionalism within the industry and improve the image of bridging finance so that brokers can have confidence when recommending it to their clients.

“Now with these new lower rates we are giving brokers the tools to help them build their businesses by offering bridging loans to more clients in more instances than they’d previously considered.”