United Trust Bank reduces bridging loan rates
Share
Bridging and development finance specialist, United Trust Bank has today unveiled new rates across its bridging product range.
Highlights in the revised pricing include a rate of 0.85% per month for first charge residential bridging loans up to 50% LTV.
Additionally, changes have been made to lending criteria with second charge LTVs boosted to 65% in addition to reduced rates.
Alan Margolis, head of bridging at United Trust Bank says: “We are delighted to bring these new rates to the market and believe that it demonstrates our continuing commitment to intermediaries and their clients. The bridging market is highly competitive and so we have improved our pricing and LTVs for our regulated and non-regulated products.
”We already offer market leading rates for FSA regulated business so an additional rate reduction further enhances our role in this marketplace and our rate reduction for non-regulated loans shows our intention to increase this area of our business.”
The new rates are as follows:
FSA Regulated Residential 1st Charge | Non-Regulated Residential 1st charge | Residential 2nd Charge Bridging | Semi Commercial 1st Charge | |
| Max LTV | 70% | 70% | 65% | 50% |
| Max LTP | 85% | 85% | N/a | 50% |
| Min Loan | £100k | £100k | £100k | £100k |
| Max Loan | £5m | £5m | £5m | £5m |
| Min Property Value | £150k | £150k | £200k | £150k |
| Rates | ||||
| Up to 50% | 0.85% | 0.85% | 1.20% | 1.40% |
| Up to 60% | 0.95% | 0.95% | 1.30% | N/a |
| Up to 65% | 1.15% | 1.15% | 1.35% | N/a |
| Up to 70% | 1.15% | 1.15% | 1.40% | N/a |
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
