United Trust Bank (UTB) Bridging has announced rate reductions of up to 7bps across its entire Regulated Standard & Light Refurbishment Bridging Loan range with immediate effect. The move, which introduces rates from as low as 0.57% pm, comes amid ongoing market volatility and is great news for brokers seeking the most competitive bridging rates for their clients.
New Lower Rates – UTB Regulated Standard & Light Refurbishment Bridging Loans
- 0.57% pm for loans under 50% LTV
- 0.58% pm for loans under 60% LTV
- 0.59% pm for loans under 65% LTV
- 0.61% pm for loans under 70% LTV
- 0.65% pm for loans under 75% LTV
These rate reductions closely follow UTB recently revealing that changes to its underwriting and processing have delivered significant improvements to speed and service in bridging applications.
Improvements included the average time from application to DIP and DIP to valuation both being halved and that more than half of all its completed bridging deals now employed an AVM, saving borrowers money, time and giving greater certainty at the earliest stages of an application.
Andrew Ferguson, Commercial Director of Mortgages, BTL & Bridging at United Trust Bank said: “We know how important it is for brokers to have access to genuinely competitive pricing, especially in a market that continues to shift, so these rate reductions are all about giving our broker partners even more ways to win business and deliver great outcomes for their clients.
“At the same time, we’ve been working hard behind the scenes to make sure our service matches that pricing. The changes we’ve made to our underwriting and processing are already having a real impact, with significantly faster times from application to completion at a pace brokers expect from an experienced bridging lender.
“We’re focused on combining sharp pricing with speed, certainty and a smoother broker experience and remain fully committed to supporting bridging brokers with the tools, service and consistency they need to place business with confidence.”
