The bank believes that the new rates will appeal to intermediaries with both unregulated and Financial Services Authority regulated loans available from 0.85%.
Highlights in the revised pricing include a rate of just 0.85% per month for first charge residential bridging loans up to 50% loan to value, which will deliver widespread benefit as a significant proportion of bridging loans fall below this loan to value.
Changes have been made to lending criteria with second charge loan to values boosted to 65% in addition to reduced rates.
Alan Margolis, head of bridging at United Trust Bank, said: “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.”
Alun Winter, director at Intelligent Loans, added: “These new rates and LTV's show how increasingly competitive the bridging market has become. United Trust Bank continues to demonstrate its strong appetite to lend with these rates and offers criteria that is clear to its introducers.”
