Substantial second charge for a BTL purchase

UTAt United Trust Bank we can accommodate many different loan purposes and we will work with our introducers to find a suitable solution for each customer’s individual financial needs. In this recent example we swiftly completed a circa £250,000 second charge mortgage for joint applicants secured on their main residence to enable the purchase of a new investment Buy-To-Let (BTL) property. The applicants already had four BTL properties and were seeking to expand their portfolio with a fifth.

The application was received into the Specialised Mortgages underwriting team with a completion date already in place for the BTL purchase, so time was of the essence. The loan was underwritten on the same day the application was submitted online and the introducer was updated with the requirements for offer. Once the valuation was completed and the other requirements satisfied, including an Accountants Certificate for one applicant and payslips for the other, the Binding Offer was issued to the customer and the introducer online.

Offers are accepted by returning the original Mortgage Deed, which the customers did in time for the completion of their new BTL purchase.

Both UTB and the introducer were pleased to be able to meet the customers’ urgent requirements, given the loan purpose and importance of a swift turnaround.