UTB Bridging has lowered its minimum bridging loan size from £100,000 to £50,000 with immediate effect.
In addition, the lender has introduced a new lower admin fee of £195 for loans up to £100,000, compared to the standard admin fee of £695.
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UTB has also reduced its interest rates for regulated standard bridging and light refurbishment loans between £100,000 and £1.5m as follows:
- 50% LTV - 0.61% pm (was 0.68%)
- 60% LTV - 0.64% pm (was 0.73%)
- 70% LTV - 0.68% pm (was 0.75%)
- 75% LTV - 0.72% pm (was 0.8%)
These enhancements follow recent changes to UTB Bridging’s AVM criteria.
Paula Purdy, sales director of bridging at UTB (pictured above), commented: “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 opens 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.”
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