The changes have been made with immediate effect, with regulated bridging rates starting from 0.64% per month for larger loans of £1.5m to £5m and loans over £200,000.

Meanwhile unregulated rates are now available from 0.72% per month for loans of £1.5m to £5m, and 0.75% for light refurbishment facilities of over £100,000.

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The lowest rates apply to loans of less than 50% LTV, while the lender will consider bridging loans above £5m on a referral basis.

Sundeep Patel, director of bridging at UTB (pictured above), said: “We are delighted to continue to support the growing market with competitive products for small and large loans. The market feels more stable and positive with consumer confidence returning.

“Our products still benefit from our Fast track process for applicable cases and brokers can also benefit from our online portal when making case submissions and creating DIPs.”