Bridging finance rates have been reduced by United Trust Bank, with cuts of up to 7bps across its regulated standard and light refurbishment products, offering lower borrowing costs...

UTB says that the average time between offer and draw-down has fallen from 57 days to 30 days.

Regulated bridging rates under 50% LTV are now 0.61% per month, down from 0.68%.

Brokers will be able to submit proposals through a single portal once digital upgrades are complete.

The new funding package features loans available from £7.5m to £35m and terms of up to 60 months, including a 30-month development phase.

The bridging facility carries a 12-month term to allow the owner time to achieve optimal sale value.

The maximum amount landlords can borrow with UTB has increased to £2.5 million.