United Trust Bank has cut rates across its standard and specialist buy-to-let ranges by up to 50 basis points on two-year fixed products, with new pricing available immediately.
Standard two-year fixed buy-to-let rates now start from 3.89%, while specialist products covering HMOs and multi-unit freehold blocks (MUFBs) open from 4.04%. Five-year fixed rates remain unchanged, with standard products available from 5.69% and specialist HMO and MUFB products from 5.99%.
The rate cuts accompany a series of criteria changes UTB has made to its BTL lending policy. The bank has removed the minimum property ownership period requirement for buy-to-let applications and, for eligible HMO and MUFB cases, dropped the requirement for previous landlord experience. Portfolio landlords benefit from an increased maximum exposure limit, now set at 10 BTL loans and £3m per applicant.
"We're building real momentum in buy-to-let, and these rate reductions are another important step in making UTB an even stronger option for brokers and their landlord customers," said Gene Clohessy, director of BTL and bridging at United Trust Bank (pictured).
"Price is important, but brokers also need lenders with sensible criteria, experienced and knowledgeable people and the appetite to understand a case. We've already removed a number of unnecessary barriers, increased our portfolio exposure limits and created more flexibility around HMOs and MUFBs. Combining those changes with two-year fixed rates starting from 3.89% makes our proposition even more compelling."
