"The new £50,000 minimum loan size and lower admin fee open up UTB’s competitive bridging and light refurbishment loans to a much wider market, and we’re sure brokers will be pleased to see that we’ve responded to their requests"
- Paula Purdy - United Trust Bank
United Trust Bank (UTB) has made several changes to its bridging loan criteria and rates, aimed at giving brokers more flexibility and offering customers more competitive pricing.
UTB Bridging has lowered its minimum loan size from £100,000 to £50,000, effective immediately. A new admin fee of £195 is now available for loans up to £100,000, a substantial reduction from the standard £695 fee. Interest rates for standard bridging and light refurbishment loans up to £100,000 start at 0.68% per month for regulated loans and 0.70% per month for unregulated loans.
Reduced rates for larger loans
Interest rates for regulated bridging and light refurbishment loans between £100,000 and £1.5m have also been cut:
Less than 50% LTV – 0.61% pm (previously 0.68%)
Less than 60% LTV – 0.64% pm (previously 0.73%)
Less than 70% LTV – 0.68% pm (previously 0.75%)
Less than 75% LTV – 0.72% pm (previously 0.80%)
These updates follow changes to UTB Bridging’s automated valuation model (AVM) criteria. The bank now offers automated valuations for qualifying properties up to 75% LTV, including light refurbishment cases where total borrowing does not exceed 75% of the property’s initial value.
Expanding access to smaller deals
Paula Purdy, sales director – bridging at United Trust Bank (pictured), said: “We’ve listened to feedback from brokers telling us that they have customers who could benefit from using a bridging loan but only at smaller deal sizes. The new £50,000 minimum loan size and lower admin fee open up UTB’s competitive bridging and light refurbishment loans to a much wider market, and we’re sure brokers will be pleased to see that we’ve responded to their requests.”
She added: “The bridging market remains intensely competitive and these significant reductions to our regulated loan pricing are excellent news for brokers and their customers looking for an experienced and approachable lender offering outstanding value for money.”
