UTB Becomes First Lender to Offer Sub-6% Second Charge Rates Since September 2022 Mini-Budget

08 October 2024

United Trust Bank (UTB) Mortgages has announced rate reductions of as much as 164bps across its Second Charge product range.

The specialist lender is now offering second charge interest rates from as low as 5.99% - the first time second charge interest rates have started with a 5 since the Truss/Kwarteng mini-budget of September 2022.

Second Charge Loan Reductions

All 5-year fixed rates, both with and without ERCs, across the Bank’s entire Prime-Plus, Prime and Near-Prime plans have been updated. Details can be found in UTB’s Second Charge Product Guide and are summarised below:

• Prime-Plus plans:
o 5yr Fixes, with no ERC from 6.55%
o 5yr Fixes from 5.99%

• Prime plans:
o 5yr Fixes, with no ERC from 6.75%
o 5yr Fixes from 6.65%

• Near-Prime plans:
o 5yr Fixes, with no ERC from 7.49%
o 5yr Fixes from 7.39%

Buster Tolfree, Director of Mortgages – United Trust Bank, commented: “We have been in the Seconds market for a good few years now we know what brokers and consumers want. They want us pass on our ability to reduce rates as soon as we can and by as much as we can, so that’s what we’ve done.

“As a leading lender in the Seconds space, we have a responsibility to do the right thing by brokers and customers and our commitment to delivering on our promise is demonstrated by the many awards we have won over the years and the many more awards shortlistings we currently have in play.

“We love Seconds. We love how they can help people change their lives and reach their goals and we do all we can to promote the market and encourage brokers to consider them. We offer great rates, great criteria, slick processing and fast completions. Where we lead, we hope others will follow.”