United Trust Bank cuts second charge rates by up to 0.84%

United Trust Bank Mortgages has followed up a series of second charge loan product and criteria enhancements with rate reductions of up to 84bps across a selection of its second charge products.

Over the last few weeks, the specialist lender has removed product fees from its second charge loans below £40,000 (a saving of £995) and increased its maximum second charge loan size to £1m up to 80% LTV on ERC products. 

UTB also introduced enhanced AVM criteria, available up to a maximum of 80% LTV, and now also allows unlimited overpayments on second charge loans, with the ERC only being payable upon full loan redemption.

Today, the Bank has announced rate cuts of up to 0.84% across five-year fixed rates, with prime plus plans starting from 5.59% or 5.59% with no ERCs, prime plans starting from 5.84% or 6.50% with no ERCs, and near-prime plans now available at 6.99% or 7.35%.

Buster Tolfree (pictured), director of mortgages at United Trust Bank, commented: “These lower rates combined with all our recently introduced product and criteria enhancements are great news for brokers and customers looking to take advantage of this very quick and versatile product. We continue to support the specialist market with innovative products, competitive pricing and attractive criteria, encouraging brokers to add seconds to their regular toolkit and growing the second charge market.”