UTB Reduces Second Charge Rates Further and Drops Product Fee for Loans Under £25k to £395

14 November 2023

United Trust Bank (UTB) Mortgages for Intermediaries has reduced interest rates for its Second Charge Loans by up to 70bps and 5yr fixed rates for prime borrowers now start from a market leading 7.55% for LTVs up to 65%.

The specialist mortgage lender has also reduced its Second Charge product fees for loans under £25,000 to £395. UTB believes £395 is the lowest fee available for this borrower profile and these changes make UTB more competitive on both Monthly Payments and Total Cost of Credit measures for smaller loans.

These enhancements demonstrate UTB’s desire to support and adapt to the changing market and help customers and brokers with lower cost products.

It is clear from industry-wide data and feedback, that the Second Charge sector is seeing a change in market conditions this year. There is also a general reduction in the average loan size emerging as a result of difficult conditions for consumers amid the cost of living crisis and Base Rate rises.

Brokers can find full details of the new Second Charge Loan rates in the updated product guide: HERE

Caroline Mirakian, Sales and Marketing Director – Mortgages, United Trust Bank 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.

“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 5yr fixes from just 7.55% and product fees from £395 we’re supporting brokers in the most practical way we can.”