UTB cuts residential rates and increases maximum LTI to 6x

United Trust Bank Mortgages has announced rate reductions of up to 20bps across its entire residential mortgage product range and increased its maximum loan-to-income (LTI) ratio to 6x for all applications up to £1m and under 85% LTV.

In the lender's Prime-Plus plans, lifetime trackers now start from Base Rate +2.19%. Two-year fixed rates start from 5.54%, three-year fixes from 5.69%, and five-year fixes from 5.79%.

Prime plans include lifetime trackers from +2.34%, with two-year fixes starting at 5.99%, three-year fixes at 5.94% and five-year fixes from 6.44%.

Near prime products include a lifetime tracker from +3.24%, with two-year fixes reducing to 6.89% and three and five-year fixes from 6.84%.

Buster Tolfree (pictured), director of mortgages at United Trust Bank, commented: “This combination of even lower, more competitive rates and the higher maximum LTI allows us to do more to support brokers and their customers. There isn’t a lot of good financial news around at the moment, and so this move will be welcomed by brokers trying to place specialist cases at the upper end of LTIs and affordability and can be applied to larger loans too.

“We’ve had a busy first quarter at UTB Mortgages, boosted by our 95% LTV range and £2m max loan size launched at the start of the year. We will continue to support the specialist market with keen rates and competitive criteria and stay on course for a year of record growth in mortgage lending.”