UTB slashes bridging rates and lowers minimum loan size

Regulated standard and light refurbishment bridging loans from UTB begin from 0.72 per cent per month, down from 0.75 per cent per month previously.

The largest reductions were in the lender’s unregulated bridging products with pricing starting from 0.75 per cent per month for standard and light refurbishment deals and 0.85 per cent per month for heavy refurbishment deals.

The lender said that the fact that unregulated light and heavy refurbishment bridging products have fallen by 0.14 per cent shows its “ambition to significantly grow” its share of the unregulated bridging market.

The firm’s minimum bridging loan amount has gone from £125,000 to £100,000 for first and second charge bridging loans and will lend across properties in all mainland Scotland, barring the Isles.

UTB: ‘Positive signs for 2024’

Sundeep Patel, director of bridging at UTB, said: “There are positive signs that 2024 is going to be a busy year in bridging and we want to support brokers and their customers with competitive rates and bridging loans with higher LTVs.

“The base rate, swap rates and the property market all appear to be stabilising and this is increasing confidence for lenders and borrowers.”

He continued that as a “long-established, well-funded and trusted partner with experienced and accessible sales and underwriting teams, UTB is an excellent choice for brokers wishing to secure a great deal for their clients and build a strong, long-term relationship with an agile and flexible lender which can adapt quickly in a fast changing environment.”

“With light seemingly at the end of the tunnel, we’re keen to support the market, give brokers the products and pricing they need, and all move forward together,” Patel noted.

Late last year, Mortgage Solutions reported that UTB had increased the maximum loan to value (LTV) it would offer for first charge standard bridging loans from 70 per cent to 75 per cent effective immediately.