United Trust Bank (UTB) has cut rates across its unregulated and regulated bridging products.
Rates on UTB’s bridging deals now start from 0.65% per month on standard regulated bridging loans, and 0.63% per month for large loans. These have both been lowered by 0.1%.
The lender has also removed the higher standard rates for loans less than £200,000 and will instead apply the same rates to all loans above its minimum £100,000 loan size.
Rates for heavy refurbishment loans now start from 0.8% per month for experienced borrowers up to 70% loan to value (LTV), previously priced at 0.9% per month.
Rates for inexperienced borrowers up to 70% LTV have also been reduced by 0.1% to 0.9% per month.
Sundeep Patel (pictured), director of bridging at UTB, said: “I am delighted that we are able to support our brokers by reducing interest rates across the entire range of UTB bridging products. There has been a surge in demand for bridging finance following the latest reduction in the Bank of England base rate and news that housing market activity is increasing along with average house prices.
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“This decision to cut rates reflects our increasing confidence in the market and the economy and we want to support brokers and customers with great service and competitively priced bridging finance solutions to help them seize opportunities and achieve their goals.”
Recent figures from the Bridging and Development Lenders Association (BDLA), of which Patel is an executive board member, showed the value of bridging completions rose to a high of £1.79bn in Q3.
