United Trust Bank cuts bridging rates to 0.55%

Rates start from just 0.55% per month for first charges and 0.75% per month for second charges at up to 50% LTV.

In addition, the Bank has introduced a new banding of up to 55% LTV with rates of 0.60% per month for first charges and 0.80% per month for second charges.

The new rates are available to all brokers for both regulated and non-regulated loans from the 1st of February 2017.

Gavin Diamond, Commercial Director – Bridging, United Trust Bank, commented: “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 are 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.”

The latest Bridging Trends data, released today, shows that interest rates were under constant downward pressure throughout the year, averaging 0.89% in Q1 before rounding off 2016 at an average of 0.78% in Q4.