UTB cuts second charge rates and increases max LTI

United Trust Bank Mortgages for Intermediaries has reduced interest rates across its second charge loan range by up to 70bps, with five-year fixed rates for prime borrowers now starting from 6.59%.

Three-year fixed rates now start from 7.69% and two-year rates from 7.59%.

The specialist lender has also increased its maximum loan to income ratio (LTI) to 4.0 for all 80-85% LTV products.

UTB recently reduced its second charge product fees for loans under £25,000 to £395, making the Bank more competitive on total cost of credit measures for smaller loans.

Caroline Mirakian, sales and marketing director for mortgages at United Trust Bank, said: “UTB has been a driving force in the second charge market for nearly a decade and lower rates, lower fees and higher LTIs are fantastic news for brokers and customers to start the year with!

"As the economic outlook continues to improve, we believe 2024 will be a record year for the second charge market. We’re committed to offering brokers the best range of specialist mortgage products, pricing and service and doing all we can to help them deliver the excellent outcomes their customers deserve.“