"There has been a surge in demand for bridging finance following the latest reduction in the Bank of England base rate and news that housing market activity is increasing along with average house prices"
- Sundeep Patel - UTB
United Trust Bank has announced a raft of interest rate reductions across its range of bridging products with rates from 0.65% per month now available on standard regulated bridging loans and large loan rates from 0.63% per month.
UTB has also removed the higher standard rates for loans below £200,000, instead applying the same rates to all loans above its minimum £100,000 loan size.
Following the rate changes, standard regulated interest rates now start at 0.65% per month - previously 0.75%. Standard unregulated interest rates now start at 0.73% per month - 0.75%. Regulated ‘Large Loan’ rates now start at 0.63% per month (previously 0.64%)
Rates for Heavy Refurbishment loans are now available from 0.8% per month for experienced borrowers up to 70% LTV – previously 0.9%. Rates for Heavy Refurbishment loans are now available from 0.9% per month for inexperienced borrowers up to 70% LTV – previously 1.0%
UTB Director of Bridging, Sundeep Patel, (pictured) said: “I am delighted that we are able to support our brokers by reducing interest rates across the entire range of UTB bridging products.
"There has been a surge in demand for bridging finance following the latest reduction in the Bank of England base rate and news that housing market activity is increasing along with average house prices.
“This decision to cut rates reflects our increasing confidence in the market and the economy and we want to support brokers and customers with great service and competitively priced bridging finance solutions to help them seize opportunities and achieve their goals.”
