United Trust Bank Mortgages (UTB) has announced rate reductions of up to 84 basis points across a selection of its second charge products, following a series of recent enhancements to its range.
In the past few weeks, the lender has removed product fees on loans under £40,000 – a saving of £995 – and raised the maximum loan size to £1m up to 80% LTV on early repayment charge (ERC) products.
It has also broadened its automated valuation model criteria, now available up to 80% LTV, and introduced unlimited overpayments on second charge loans, with ERCs applying only on full redemption.
The new pricing, effective immediately, sees prime-plus five-year fixes start from 5.59%, with a no-ERC option from 6.35%.
Prime five-year fixes begin at 5.84%, or 6.50% without ERCs. Near-prime plans start at 6.99%, or 7.35% for the no-ERC version.
Buster Tolfree, director of mortgages at United Trust Bank, said: “These lower rates combined with all our recently introduced product and criteria enhancements are great news for brokers and customers looking to take advantage of this very quick and versatile product.
“We continue to support the specialist market with innovative products, competitive pricing and attractive criteria, encouraging brokers to add seconds to their regular toolkit and growing the second charge market.”
