United Trust Bank (UTB) has released a new set of mortgage products, criteria, and technology enhancements as part of its #BrokerSummerSupportPackage campaign.
The bank launched its first elements of the package in July, by increasing the maximum LVT from 65% to 75% for self employed borrowers for buy to let finance and including 50% of regular additional income in calculations to help brokers write more business.
The bank’s latest addition to its enhancements is its new WebChat that is being launched through its broker portal. The launch and additional criteria is designed to advance and benefit the process for brokers assisting professional contractors, with a limited edition second charge product aimed at helping customers with historic missed payments on unsecured credit items.
The introduction of the new WebChat will 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.
In addition to the WebChat launch, the bank has also introduced specific mortgage lending criteria for professional contractors working in sectors where 6, 12, and 18-month contracts are common. This is likely to include industries such as healthcare, business management, and IT.
Prior to the changes, UTB classed these roles within their ‘self-employed’ criteria. The bank therefore anticipates that this move will provide brokers with more clarity when assisting professional contractors who fall under these categories.
As well as these amendments, UTB has also launched a ‘limited edition’ near prime second charge product for customers with historic unsecured payment ‘blips’ on condition that the debts concerned are integrated in the new loan provided.
Mike Walters, sales director- property intermediaries, United Trust Bank, said: “We’ve had a tremendously positive response from brokers to our #BrokerSummerSupportPackage. The increase of our maximum LTV for self-employed applicants certainly caused a stir in the marketplace and we’re hoping that these latest criteria and technology enhancements will be equally well received.
“Our aim is to help our broker partners write more business and make it easier for them to process applications with UTB. We know how important choice, speed and simplicity can be when placing specialist mortgage cases so we’re constantly reviewing our lending criteria and pushing boundaries with our implementation of smart FinTech solutions.
“Brokers are vital to the growth and success of the specialist mortgage market and we will do all we can to support them as they try to turn around a very challenging year.”
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