UTB Mortgages follows up substantial second charge product and criteria enhancements with rate reductions

United Trust Bank Mortgages has followed up a stream of its second charge loan product and criteria enhancements with rate reductions of up to 84bps across a selection of its Second Charge product range.

Over the last few weeks, the specialist lender has removed Product Fees from its second charge Loans below £40,000 (a saving of £995!) and increased its maximum second charge loan size to £1m up to 80% LTV on ERC products. UTB also introduced enhanced AVM criteria, available up to a maximum of 80% LTV and now also allows unlimited overpayments on second charge loans, with the ERC only being payable upon full loan redemption.

Pricing highlights – Available with immediate effect

Prime-Plus plans:

• 5yr fix from 5.59%
• 5yr fix no ERC from 6.35%

Prime plans:

• 5yr fix from 5.84%
• 5yr fix no ERC from 6.50%

Near-Prime plans:

• 5yr fix from 6.99%
• 5yr fix no ERC from 7.35%

Full details can be found in UTB’s Second Charge Product Guide HERE

Buster Tolfree, Director of Mortgages – United Trust Bank, commented: “These lower rates combined with all our recently introduced product and criteria enhancements are great news for brokers and customers looking to take advantage of this very quick and versatile product. We continue to support the specialist market with innovative products, competitive pricing and attractive criteria, encouraging brokers to add seconds to their regular toolkit and growing the second charge market.”

Brokers can register to use UTB’s services at www.utbankmortgages.co.uk