UTB launches new second charge rates from 6.99%

United Trust Bank Mortgages for Intermediaries has announced a raft of rate reductions across its range of second charge loans.

The specialist lender’s rates now start from 6.99%, the first time second charge loan rates have dipped below 7% since the Truss/Kwarteng mini budget.

UTB’s 1 and 2 status plans are now priced up to 100bps lower and 0-Status plans are now up to 56bps lower with five-year fixes with an ERC available from 6.99%.

Caroline Mirakian, sales and marketing director for mortgages at United Trust Bank, said: “As an established and significant player in the second charge market, brokers look to us to lead where others follow. We listen to introducers and move quickly to offer great products and competitive pricing.

“There are encouraging signs that we’re through the worst of the rate hike pain and I’m delighted that UTB is the first second charge lender to offer a sub 7% rate in over a year. With rate reductions across the second charge board, we’re making affordability easier for customers, enabling them to borrow what they need and helping brokers write more business.”