The minimum bridging loan size has reduced from £100,000 to £50,000, effective immediately.
The firm has also brought in a lower admin fee of £195 for loans up to £100,000, a saving on the standard admin fee of £695.
Interest rates for standard bridging and light refurbishment loans up to £100,000 begin at 0.68% per month for regulated loans and 0.7% for unregulated.
UTB has also cut its interest rates for regulated standard bridging and light refurbishment loans between £100,000 and £1.5m.
Up to 50% loan to value (LTV), they have fallen from 0.68% per month to 0.61%, and up to 60% LTV, the fall has been from 0.73% to 0.64%.
Your First Home: confidence to build
Sponsored by Halifax Intermediaries
Going up to 70% LTV, rates have been reduced from 0.75% to 0.68%, and up to 75% LTV, rates have decreased from 0.8% to 0.72%.
Paula Purdy, sales director for bridging at UTB, commented: “We’ve listened to feedback from brokers telling us that they have customers who could benefit from using a bridging loan but only at smaller deal sizes.
“The new £50,000 minimum loan size and lower admin fee opens up UTB’s competitive bridging and light refurbishment loans to a much wider market, and we’re sure brokers will be pleased to see that we’ve responded to their requests.
“The bridging market remains intensely competitive and these significant reductions to our regulated loan pricing are excellent news for brokers and their customers looking for an experienced and approachable lender offering outstanding value for money.”
UTB recently changed its bridging automatic valuation model (AVM) criteria and now offers AVMs on qualifying properties up to 75% LTV.
