Key Mini Mortgage product details
• Available on properties in England, Wales and mainland Scotland
• Minimum property value £100,000
• Loans from £5,000 to £100,000
• Repayment terms from 3 to 30 years
• Hometrack AVM and Drive-by valuations available subject to criteria
• No minimum Credit Score on all products
• Broker and Product Fees can be added to the loan.

UTB’s innovative ‘Mini-Mortgage’ has been designed to enable customers to access the equity in their unencumbered property, typically at loan sizes below standard minimum mortgage amounts and for a variety of uses.

Similar to the Bank’s lending criteria for second charge mortgages, there’s no minimum credit score required, customers who don’t necessarily fit automated underwriting are welcomed and interest rates available are a selection of Bank of England Base Rate lifetime trackers and 5-year fixed rates, none of which have early redemption charges. The new product was soft launched in November 2017 through Ocean Finance and ChaseBlue Loans and initially will be exclusively available through UTB’s existing introducers with a wider roll-out later this year. Commenting on the success of the soft-launch, Gareth Shilton, Director of Ocean Finance, said: “UTB have once again identified an area of the mortgage market where there was an opportunity to innovate with some intelligent product design. Reaction to the Mini-Mortgage range during the soft-launch phase has been excellent and I’m delighted that Ocean Finance has been on board from the start providing valuable insight to assist in shaping the product. I’m sure this new product will be warmly welcomed by brokers who now have another option for clients wishing to release equity from their property or borrow a relatively small amount at competitive rates.”

Ben Gillespie, owner of ChaseBlue loans, added: “This is a great product and what’s more, like UTB’s second charge offering it benefits from simple processes, a fantastic underwriting team and excellent BDM and training support. I’m sure that UTB and the mortgage team will be chalking up another success with this move into first charge mortgages.”

Buster Tolfree, United Trust Bank Commercial Director – Mortgages, commented: “I’m delighted that UTB’s mortgage offering continues to develop into other mortgage sectors where there’s a clear customer demand but a distinct lack of choice. By using the same consumer-outcome based approach we apply to all of our lending I’m confident that brokers will find the Mini-Mortgage a useful addition to their product tool kit.”