United Trust Bank (UTB) Mortgages for Intermediaries has restructured its Buy-to-Let product range, simplifying the choice for brokers and enabling many customers to benefit from significantly lower pricing.
The specialist mortgage lender has made some fundamental changes to how different property types fit into its Standard, Specialist and Non-Standard product categories. Several property types have been moved into the Standard category and subsequently eligible for rates up to 2.35% pa lower than previously.
United Trust Bank’s Buy-to-Let Standard range will now cater for all single dwelling houses and flats. This includes properties situated near commercial premises, high rise apartments or properties of non-standard construction, as a result customers can now benefit from significantly lower interest rates.
UTB’s Specialist range will now cover all HMOs and MUBs up to 10 lettable rooms or units. As large HMOs/MUBs of 7-10 rooms/units were previously placed in the Non-Standard range, landlord borrowers with larger letting properties can now benefit from savings of up to 1.45%.
The Non-Standard range will now cater exclusively for properties utilised as Holiday Lets and other similar short-term lettings.
The new categories apply from the 10th of October 2023 and brokers who believe pipeline cases may be positively affected are urged to contact UTB to discuss whether they should be reclassified.
These changes follow the announcement last week that UTB will now accept passing rent figures declared by landlords up to a maximum of 10% over the rent verified by a valuer. Using this higher passing rent figure will help landlords to secure mortgages they may otherwise have struggled to obtain due to ICR calculation restrictions.
Brokers can find full details of the new product structure in the updated BTL product guide
Caroline Mirakian, Sales and Marketing Director – Mortgages, United Trust Bank said: “We’re pulling out all the stops to support our brokers and their landlord customers. We have restructured our BTL product categories to make them simpler to understand, simpler to apply for and, for many property types, cheaper too. Properties once classified as Non-Standard which now qualify for our Standard pricing can access rates up to 2.35% pa lower than previously. This is going to make a huge difference to new landlords and those about to move off low fixed rates.
“This move, combined with our recently announced flexible approach to passing rent, is another great reason why brokers should come to UTB when placing a specialist BTL deal.”