Rates have reduced by up to 0.15%.

The products feature no upfront costs with rates from 5.89%.

Residential mortgage approvals also increased in December.

"Financial stability is a foundation for growth. There isn’t a trade off in a fundamental sense", Bailey said.

The brothers have a combined five decades of financial services experience.

The lender has also reduced existing mortgage rates by up to 0.09% and increased others by up to 0.10%.

The cheapest five-year fixed rate at 60% LTV is now 4.14%.

UTB has announced changes to bonuses, limited company director and self-employed income, and contractor criteria.

Standard two-year fixed rate products have seen the biggest reduction.

The Society has also enhanced its buy-to-let criteria.