UTB reduces BTL Mortgage Rates to Start From 5.34%, Drops ICRs to 125% and Increases Max LTV to 80%

10 January 2024

United Trust Bank (UTB) Mortgages for Intermediaries has started 2024 by announcing substantial rate reductions and criteria changes for its Buy-to-Let mortgage range.

The specialist lender has reduced interest rates by as much as 130 bps to offer rates from 5.34% and loans up to 80% LTV for mortgages on single dwellings, HMOs and MUBs.

Income Cover Ratios (ICRs) are once again a minimum of 125% for basic rate taxpayers and limited companies and 130% for mixed tax band paying applicants across all LTV bands.

Interest rates on all 2%, 3%, 4% and 5% Product Fee plan options have been reduced:

Standard (Single Dwellings)
o 2yr fixes from 5.34%
o 5yr fixes from 5.74%

Specialist (HMO and MUB)
o 2yr fixes from 5.44%
o 5yr fixes from 5.89%

Non-Standard (Holiday Lets)
o 2yr fixes 6.97%
o 5yr fixes from 7.20%

These further enhancements follow the Bank restructuring its Buy-to-Let mortgage range in 2023, simplifying the choice for brokers and enabling many customers to benefit from significantly lower pricing.

The Standard range caters for all single dwelling houses and flats. This includes properties situated near commercial premises, high rise apartments or properties of non-standard construction.

UTB’s Specialist range now covers all HMOs and MUBs up to 10 lettable rooms or units. The Non-Standard range now caters exclusively for properties utilised as Holiday Lets and other similar short-term lettings.

Brokers can find full details of the new Buy to Let Loan rates and criteria in the updated product guide: HERE

Caroline Mirakian, Sales and Marketing Director – Mortgages, United Trust Bank said: “We’re responding to increasing confidence in the BTL sector by slashing rates and making it easier for landlords to access great value specialist BTL mortgages. We lend on many property types and construction styles mainstream lenders won’t with no minimum on personal income and no credit scoring.

“Our lower ICRs and increased maximum LTV are great news for landlords who want to take advantage of the sustained demand for rental properties and retain as much of their cash as they can to invest in developing their portfolios. If brokers need convincing that UTB wants to do a lot of BTL business this year, this should do the trick.”