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United Trust Bank cuts bridging rates

by: Heather Greig-Smith
  • 31/01/2017
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United Trust Bank cuts bridging rates
United Trust Bank (UTB) has cut interest rates on bridging loans across all loan-to-value (LTV) bandings.

Rates start from 0.55% per month for first charges and 0.75% per month for second charges at up to 50% LTV.

UTB has also introduced a banding of up to 55% LTV with rates of 0.60% per month for first charges and 0.80% per month for second charges.

The new rates are available to all brokers for both regulated and non-regulated loans from 1 February.

Gavin Diamond (pictured), commercial director for bridging at UTB, said the lender aims to be one of the most competitively priced in the sector.

“These new rates send a clear message to brokers and borrowers that we are open for business and keen to lend,” he said.

“Our team are able to quickly complete regulated and unregulated bridging loans for customers with circumstances that could be straightforward or extraordinary.”

The cut follows similar moves by other lenders in the market, such as Masthaven and Precise.

According to the latest figures from Bridging Trends, bridging loan volume rose £50.1m in 2016, up 11.5% to £482.61m.

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