Across its Prime-Plus plans, the five-year fixed rate now starts at 5.59%, while the option with no early repayment charge (ERC) is priced from 6.35%.
Within UTB Mortgages’ Prime plans, the corresponding products have rates of 5.84% and 6.5%.
Meanwhile, Near-Prime rates start at 6.99% and 7.35% respectively.
Buster Tolfree (pictured), director of mortgages at UTB, said: “These lower rates, combined with all our recently introduced products and criteria enhancements, are great news for brokers and customers looking to take advantage of this very quick and versatile product.
“We continue to support the specialist market with innovative products, competitive pricing and attractive criteria, encouraging brokers to add seconds to their regular toolkit and growing the second charge market.”
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These pricing changes follow adjustments to UTB’s second charge mortgage criteria, including the removal of product fees on loans below £40,000 and increasing the maximum loan size to £1m up to 80% loan to value (LTV) on ERC products.
The lender also now allows enhanced automated valuation model (AVM) criteria up to 80% LTV and overpayments, with ERCs applying on the redemption of the loan.
This week, UTB announced it would merge its lending divisions to encourage growth.
