3 year old default did not mean a decline

UTThe United Trust Bank specialist mortgages team received a second charge loan application from Master Broker, Brightstar Financial. The customer wanted to raise £40,000 to carry out some home improvements and the plan requested was United Trust Bank’s BoE base rate tracker.

The customer lived in a detached property worth around £450,000, and had an interest only mortgage of £252,000. Whilst most packaging requirements were straight forward, during the fact find, Brightstar Financial identified that the customer had a £13,000 default dating back three years which was unsatisfied.

For some lenders this would have resulted in an immediate decline. However, United Trust Bank offers a broad range of products which can accommodate such scenarios. It transpired that the customer had maintained all of their other financial commitments and, after receiving a satisfactory explanation for the default, the underwriting team at UTB were able to approve the application.

Brightstar were able to easily produce the loan documents via United Trust Bank’s online Portal and funds were electronically transferred to the customer’s bank account within 15 days.

Bradley Moore, Director – Second Charge Loans at Brightstar Financial said: “Even with the setback of finding the client had a substantial unsatisfied default, the loan was able to complete with the minimum of fuss. The underwriters at UTB were always on hand to help and they provided a clear and concise list of their requirements at the outset. UTB’s team ensured that the whole process was as simple as possible.”