United Trust Bank reduces bridging rates

United Trust Bank has announced rate reductions of up to 7bps across its entire regulated standard and light refurbishment bridging range. 

Across the range, rates now start from 0.57% pm for loans under 50% LTV, 0.58% up to 60% LTV, 0.59% to 65% LTV, 0.61% to 70% LTV, and 0.65% for loans under 75% LTV.

The rate reductions follow UTB recently announcing that changes to its underwriting and processing have delivered significant improvements to speed and service in bridging applications.

Improvements included the average time from application to DIP and DIP to valuation both being halved and that more than half of all its completed bridging deals now employed an AVM.

Andrew Ferguson, commercial director of mortgages, buy-to-let and bridging at United Trust Bank, said: “We know how important it is for brokers to have access to genuinely competitive pricing, especially in a market that continues to shift, so these rate reductions are all about giving our broker partners even more ways to win business and deliver great outcomes for their clients.

“At the same time, we’ve been working hard behind the scenes to make sure our service matches that pricing. The changes we’ve made to our underwriting and processing are already having a real impact, with significantly faster times from application to completion at a pace brokers expect from an experienced bridging lender.

“We’re focused on combining sharp pricing with speed, certainty and a smoother broker experience and remain fully committed to supporting bridging brokers with the tools, service and consistency they need to place business with confidence.”