UTB slashes second charge rates

Rates now start from 6.99 per cent and is the first time its second charge loans have fallen below seven per cent since the mini Budget last year.

UTB’s 1 and 2 Status plans are priced up to 100 basis points lower and 0-Status plans are around 56 basis points lower with five-year fixes with an early repayment charge of just 6.99 per cent.

Caroline Mirakian, sales and marketing director – mortgages, United Trust Bank said: “As an established and significant player in the second charge market, brokers look to us to lead where others follow. We listen to introducers and move quickly to offer great products and competitive pricing.

“There are encouraging signs that we’re through the worst of the rate hike pain and I’m delighted that UTB is the first second charge lender to offer a sub-seven per cent rate in over a year. With rate reductions across the second charge board, we’re making affordability easier for customers, enabling them to borrow what they need and helping brokers write more business.”