United Trust Bank increases its maximum residential first charge mortgage size to £750,000
16 September 2021
United Trust Bank (UTB) has increased its maximum residential first charge mortgage size to £750,000 with immediate effect.
The move is the final enhancement to be announced by the specialist mortgage lender as part of its Broker Summer Support Package 2021 (#BSSP21) and follows the introduction of a new document upload system, online Decision in Principle (DIP) and automatic-underwriting system which provides brokers with point-of-sale real-time decisioning available in 4-5 minutes, 24 hours a day, 365 days a year.
Highlights of UTB’s first charge mortgage range now available to £750,000 include:
Purchase and Remortgage plans:
- 0-status loans, up to 85% LTV
- 2yr, 3yr and 5yr fixed rates from 3.80%
- First-Time-Buyers accepted
- Max 4.50 LTI on loans over £500k
Interest Only plans:
- 0-Status loans, purchase or remortgage
- Max 70% LTV for downsize and 75% LTV all other repayment vehicles
- 2yr, 3yr and 5yr fixed rates from 3.80%
- Affordability assessed purely on Interest Only payment
- Minimum £50k annual income
- Max 4.50 LTI on loans over £500k
UTB provide residential mortgages and second charge loans to customers with more complex circumstances, credit histories or requirements which often don’t fit the strict criteria of mainstream lenders. The Bank’s Broker Summer Support Package 2021 (#BSSP21) is a program of product and process improvements designed to help mortgage brokers write and complete more business, especially when dealing with customers requiring specialist underwriting and administration.
Mortgage Brokers can register with UTB at www.utbankmortgages.co.uk
Buster Tolfree, Director – Mortgages, United Trust Bank, commented: “We’ve seen increasing demand for larger mortgage sizes catering for customers with circumstances which don’t fit the High Street’s restrictive credit criteria. This increase to a £750,000 maximum loan size demonstrates the confidence we have in our more pragmatic approach to underwriting which is about looking at a customer’s overall situation rather than dismissing them for a blip or two on their credit history.
“This increase, together with our recent introduction of online DIPs and auto-underwriting, will further help brokers to place and complete more complex cases quickly and successfully”.
