United Trust Bank (UTB) has lowered second charge loan rates by up to 0.7 per cent and has lowered its product fees for loans under £25,000 to £395.
The lender’s five-year fixed rate for prime borrowers is now priced from 7.55 per cent for loan to values (LTV) up to 65 per cent.
UTB added that it believes that £395 fee was the “lowest fee available for this borrower profile” and the change would make it competitive on monthly payments and total cost of credit for smaller loans.
The firm added that the enhancements showed its “desire to support and adapt to the changing market and help customers and brokers with lower cost products”.
Caroline Mirakian (pictured), sales and marketing director – mortgages at UTB, said: “We have taken on board this emerging trend for smaller loan sizes and the pressure on consumers caused by an avalanche of base rate increases and high inflation.
“As usual from UTB, we want to take a lead position in supporting the market and helping brokers to serve their customers by reducing the monthly costs where we can and reducing the product fees for smaller loans.”
She added: “We appreciate the tough environment brokers are working in and want to help them to place business and achieve great outcomes for their customers by giving them more competitive product options. We believe that with market leading five-year fixed rates from just 7.55 per cent and product fees from £395 we’re supporting brokers in the most practical way we can.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.