Available for purchase and remortgage, the new interest only range allows for multiple repayment vehicles including pension lump sums and sale of investment property.
Affordability is assessed on the interest only monthly repayment, with no minimum credit score. For borrowers seeking flexibility there is also an ERC-free option.
The new range is part of United Trust Bank’s #BrokerSummerSupportPackage campaign introduced in July. As part of the campaign, the lender has increased max LTVs for self-employed borrowers, increased the amount of regular income included in affordability calculations, enhanced criteria for contractors, and added a new range of limited edition second charge products for borrowers with inconsistent credit history.
Buster Tolfree, Commercial Director – Mortgages, United Trust Bank, commented:
“Within this interest only residential mortgage product range, we believe we’ve created a compelling offer for those borrowers who may not fit the strict tick-box approach of many mainstream lenders.
“Our common sense underwriting approach, pragmatic and rounded way of assessing borrower profiles and their security properties has made UTB an increasingly popular choice amongst specialist mortgage intermediaries and given additional options to those who may have found their choice of lenders somewhat restricted of late.
“During the last three months we have made a lot of effort to promote our #BrokerSummerSupportPackage and we have continued to improve, enhance and innovate, despite the challenging environment. As a result, more and more brokers are finding out why UTB is becoming a key consideration for their specialist mortgage customers who need a bit more care and flexibility than the High Street is prepared to give.”
Original article featured here…
The news comes after the lender recently launched its new WebChat to allow any registered mortgage broker to submit new enquiries to the bank online, as well as discuss existing cases/supply content to UTB which would usually be transferred via telephone or email.