The lender has reduced starting rates to 0.74 per cent on residential deals up to 65 per cent loan to value (LTV) and to 0.79 per cent on deals up to 75 per cent LTV.

The lender’s loan book size now stands at £75m. It reported over £70m in new business over the last 12 months with £20m occurring in May alone.

According to Ultimate Finance’s chief executive Josh Levy, the first half of this year has seen a higher level of redemptions than in the whole of 2020, which he attributed to improving market conditions.

Levy said: “We know the rate reduction will be welcomed by our introducer partners and their clients. We have substantial capital to deploy and have significant ambitions to build upon our recent successes.

Sponsored

Conversations you need to have with landlords before the Renters’ Rights Act

Sponsored by BM Solutions

“We will continue to focus on our premium service levels and reputation for delivering what we promise in a quick and flexible manner, putting us in a really strong position going into the second half of the year.”