United Trust Bank (UTB) Mortgages has made rate reductions of up to 164 basis points (bps) across its second charge product range.
The lender is now offering second charge interest rates from 5.99%, and claims this is the first time second charge interest rates have been under 6% since the ill-fated Truss/Kwarteng ‘mini-budget’ of September 2022.
All five-year fixed rates, both with and without ERCs, across the bank’s entire Prime-Plus, Prime and Near-Prime plans have been updated. Details are as follows::
Prime-Plus plans:
- Five-year fixes, with no ERC from 6.55%
- Five-year fixes from 5.99%
Prime plans:
- Five-year fixes, with no ERC from 6.75%
- Five-year fixes from 6.65%
Near-Prime plans:
- Five-year fixes, with no ERC from 7.49%
- Five-year fixes from 7.39%
Buster Tolfree (pictured), director of mortgages at United Trust Bank, said: “We have been in the seconds market for a good few years now we know what brokers and consumers want. They want us pass on our ability to reduce rates as soon as we can and by as much as we can, so that’s what we’ve done.
“As a leading lender in the seconds space, we have a responsibility to do the right thing by brokers and customers and our commitment to delivering on our promise is demonstrated by the many awards we have won over the years and the many more awards shortlistings we currently have in play.
“We love seconds. We love how they can help people change their lives and reach their goals and we do all we can to promote the market and encourage brokers to consider them. We offer great rates, great criteria, slick processing and fast completions. Where we lead, we hope others will follow.”
