United Trust Bank has made reductions to its second charge loan rates, with deals now starting at 6.99%.

The specialist bank for intermediaries says this is the first time second charge loan rates have dipped below 7% since last year’s mini budget. 

UTB’s 1 & 2 Status plans are now priced up to 100bps lower and 0-Status plans are now up to 56bps lower with five-year fixes with an early repayment charge starting at 6.99%.

UTB sales and marketing director Caroline Mirakian says: “There are encouraging signs that we’re through the worst of the rate hike pain and I’m delighted that UTB is the first second charge lender to offer a sub 7% rate in over a year.

“With rate reductions across the second charge board, we’re making affordability easier for customers, enabling them to borrow what they need and helping brokers write more business.”