United Trust Bank (UTB) has implemented a series of enhancements for 2024, notably reducing interest rates across its regulated and unregulated bridging finance products by up to 0.14%. This move is part of UTB’s strategy to assert its commitment to the market.
The lender now offers regulated bridging loans at rates starting from 0.72% per month, a decrease from the previous rate of 0.75%.
Unregulated bridging loans have also seen rate reductions, now available from 0.75% per month.
Furthermore, UTB has reduced the minimum size for bridging loans to £100,000, applicable to both first and second charge loans, marking a decrease from the previous minimum of £125,000.
UTB’s lending reach has expanded to include all of mainland Scotland, lifting any previous postcode limitations.
Sundeep Patel, director of bridging at United Trust Bank, said: “There are positive signs that 2024 is going to be a busy year in Bridging and we want to support brokers and their customers with competitive rates and bridging loans with higher LTVs.
“The base rate, swap rates and the property market all appear to be stabilising and this is increasing confidence for lenders and borrowers.
“As a long established, well-funded and trusted partner with experienced and accessible sales and underwriting teams, UTB is an excellent choice for brokers wishing to secure a great deal for their clients and build a strong, long-term relationship with an agile and flexible lender which can adapt quickly in a fast changing environment.
“With light seemingly at the end of the tunnel, we’re keen to support the market, give brokers the products and pricing they need, and all move forward together.”
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