Exclusive: UTB joins Funding for Lending Scheme

Exclusive: UTB joins Funding for Lending Scheme




Challenger United Trust Bank (UTB) has joined the Bank of England's Funding for Lending Scheme (FLS).

The scheme has enabled UTB to review the pricing for its asset finance offering, increasing the competitiveness of both its rates and commission structure via broker partners.

Martin Nixon (pictured), head of asset finance at United Trust Bank, said: “We know from the findings of our recent broker survey that pricing is still one of the most important issues brokers face in the asset finance market today.

“With the number of funders now dealing directly with customers continuing to grow and margins being tightly squeezed, brokers are experiencing more competition than ever in certain sectors.

“Joining the Bank of England’s Funding for Lending Scheme means we are able to offer our brokers some very competitive rates to assist SME’s in raising funding for their business growth plans.”

UTB now offers rates as low as 4.99% on advances of £35,000 and over, subject to lending criteria.

Launched in collaboration with HM Treasury in July 2012, the Funding for Lending Scheme is designed to incentivise banks and building societies to boost lending to UK SMEs.

Martin added: “In spite of the Brexit decision, it’s very much business as usual at UTB.

“Following a record-breaking first quarter, our business levels continue to grow and are significantly higher than they were this time last year.

“We are keen to pass on the benefits of the FLS to more SMEs and encourage brokers and businesses to take advantage of our new prices and future opportunities.”

Earlier this month, UTB saved a customer’s £480,000 deposit on an apartment in central London. 

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