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United Trust Bank slashes second charge rates
United Trust Bank (UTB) has lowered interest rates across its second charge rates by up to 0.7 per cent and has increased the maximum loan to income (LTI) for 80 to 85 per cent loan to value (LTV) products.
Five-year fixed rates on second charge products begin from 6.59 per cent, while three-year fixed rates are priced from 7.69 per cent.
Two-year fixed rates now start from 7.59 per cent.
The maximum LTI is now four for all 80 to 85 per cent LTV products.
The company recently lowered its product fees for loans under £25,000 to £395 to make the bank “even more completive on total cost of credit measures for smaller loans”.
Caroline Mirakian, sales and marketing director – mortgages at United Trust Bank, said: “UTB has been a driving force in the second charge market for nearly a decade and lower rates, lower fees and higher LTIs are fantastic news for brokers and customers to start the year with.
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“As the economic outlook continues to improve, we believe 2024 will be a record year for the second charge market. We’re committed to offering brokers the best range of specialist mortgage products, pricing and service and doing all we can to help them deliver the excellent outcomes their customers deserve.”