The firm’s regulated bridging rates have fallen to 0.58% pm, from 0.63%, while unregulated bridging rates from 0.72% to 0.60% pm.
The lender has reduced the monthly interest rate payable on its standard and light refurbishment regulated bridging loans to just 0.60% per month for loans under 50% LTV, whilst larger loans of £1.5m to £5m have rates from just 0.58% per month.
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Larger unregulated bridging loans under 50% LTV are now available from 0.60% per month, reduced from 0.72% per month. Unregulated standard and light refurbishment loans are available from 0.62% per month for loans between £100,000 and £1.5m.
Sundeep Patel, bridging director at UTB (pictured above), commented: “I’m delighted to announce these significant bridging rate reductions and send a strong message to brokers that we’re looking to write strong levels of new business this year by supporting customers in the market.
“We’ve made the biggest changes to our unregulated bridging pricing where competition has been extremely fierce.”
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