United Trust Bank (UTB) has announced a reduction in interest rates across its bridging finance products.
- Regulated bridging loan rates have decreased from 0.75% to 0.65%, offering more competitive terms.
- Large loan rates see a slight reduction, now starting at 0.63% per month.
- Unregulated bridging rates and Heavy Refurbishment loans have also seen significant cuts.
- These changes reflect UTB’s optimistic outlook on the market and growing housing activity.
United Trust Bank has introduced notable interest rate reductions on its bridging finance products, aiming to provide more competitive options for borrowers. The bank’s move comes as the financial market is witnessing positive shifts, prompting UTB to adjust rates accordingly.
The rates for regulated bridging loans have been cut from 0.75% to 0.65% monthly. This change offers more attractive terms to borrowers and aligns with the bank’s strategy to remain competitive in the financial landscape. For larger loans, UTB now offers a new rate starting at 0.63% per month, down from the previous 0.64%.
In addition to the reductions on regulated loans, UTB has adjusted its unregulated bridging loan rates, which now start at 0.73% per month, a slight decrease from 0.75%. The bank has also removed higher standard rates that were applied to loans below £200,000, now offering uniform rates for all loans above £100,000. This shift simplifies the rate structure and enhances the bank’s offerings in the unregulated sector.
Heavy Refurbishment loans have seen substantial rate cuts, now available from 0.8% per month for experienced borrowers, reduced from 0.9%. In contrast, inexperienced borrowers can access these loans at a new rate of 0.9% per month, down from 1.0%. Such adjustments enable more borrowers to undertake significant property projects with favourable financial terms.
Sundeep Patel, UTB’s director of bridging, expressed satisfaction with the rate cuts, highlighting the increased demand for bridging finance following a recent reduction in the Bank of England’s base rate. He stated, “I am delighted that we are able to support our brokers by reducing interest rates across the entire range of UTB bridging products.” The bank’s confidence in the market’s resilience and its aim to support brokers and customers underscore its commitment to providing efficient service and competitive financial solutions.
United Trust Bank’s latest rate cuts signify a dynamic approach to bridging finance, meeting growing market demand.
