UTB drops bridging rates to 0.55%

From 1st February, the bank will offer rates starting from 0.55% per month for first charges and 0.75% per month for second charges at up to 50% LTV.

UTB has also introduced a new banding of up to 55% LTV with rates of 0.6% per month for first charges and 0.8% for seconds. 

Gavin Diamond, commercial director for bridging at UTB, said: “We’ve been one of the most competitively priced lenders in the market for many years and these new rates send a clear message to brokers and borrowers that we are open for business and keen to lend.

“Our experienced and knowledgeable team is able to quickly complete regulated and unregulated bridging loans for customers with circumstances that could be straightforward or extraordinary.

“We look forward to introducing more brokers and borrowers to the outstanding service provided by United Trust Bank.”

UTB’s announcement follows a wave of rate cuts across the bridging sector.

Two weeks ago, Precise Mortgages launched new bridging rates of 0.54% per month.

This came just days before Masthaven Bank announced that it was slashing rates to as low as 0.49% on its first charge bridging products.

For a comprehensive list of lenders' different rates, vist The Index.