UTB lowers first and second charge rates

  • 26/03/2024
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UTB lowers first and second charge rates
United Trust Bank (UTB) has made significant rate reductions across its first and second charge residential ranges and restructured and widened its credit criteria.

On the criteria side, UTB has created new criteria categories Prime-Plus, Prime and Near Prime. They were previously known as 0-Status, 1-Status and 2-Status respectively.

The lender said that it had introduced “new acceptable adverse rules” across its entire range, which will help meet “wider customer needs”.

Within its first charge range, its Bank of England (BoE) lifetime tracker interest rates begin from plus 2.19%.

Two-year fixed rates are priced from 6.44%, three-year fixed rates start from 6.39%, five-year fixed rates begin from 5.99%, and five-year fixed rates with two-year early repayment charges (ERCs) stand at 6.84%.

On the second charge side, BoE lifetime trackers start from plus 3.24%, while two-year fixed rates begin from 7.29%.

Three-year fixed rates are priced from 7.19%, five-year fixed rates start from 6.59%, and five-year fixed rates with no ERC stand at 7.89%.

Buster Tolfree (pictured), director of mortgages at UTB, said: “The mortgage market is a dynamic place to hang out, and we understand how important it is to respond to changes quickly, especially when brokers at the coalface tell us that, with a few straightforward alterations to our criteria, they may be able to introduce a lot more customers.

“Our new and revised criteria, combined with rate reductions across our entire residential mortgage product range, give brokers an even more compelling reason to talk to us about any specialist mortgage applications.

“Our willingness to lend on non-standard property types in unfavoured locations and to customers with complex incomes and historical payment blips means we’ll take a view on even the most challenging of cases.”

UTB reported £1.8bn in gross new lending in 2023, slightly down from £1.9bn in 2022.

The lender also recently made a trio of promotions, with new roles for Chris Pedlar, Jigar Patel and Hannah Oades.

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