United Trust Bank launches ‘Interest Only’ residential mortgage range as final part of its ‘Broker Summer Support Package’
United Trust Bank (UTB) has launched a range of ‘Interest Only’ residential mortgage products as the final part of its successful #BrokerSummerSupportPackage.
Key features of UTB’s new Interest Only mortgages include:
- Maximum 75% LTV (70% for downsizing)
- Affordability assessed on Interest Only monthly repayment
- Available for purchase and remortgage
- No minimum credit score
- Flexible on property construction types
- Multiple repayment vehicles accepted including cash savings, pension lump sums and sale of investment property
- 2-5 year fixed rates available including no ERC option
More details about UTB’s new ‘Interest Only’ mortgage range can be found here
UTB’s #BrokerSummerSupportPackage was launched in July with the intention of helping mortgage brokers to write more business during the challenges presented by Covid-19. During the campaign, the leading specialist lender has increased the maximum LTV from 65% to 75% for self-employed borrowers, increased the amount of regular income included in affordability calculations to 50%, enhanced criteria for professional contractors and launched a range of limited edition Second Charge products for customers with historic blips on their credit record. Additionally, UTB unveiled two major digital changes with the launch of both WebChat and the new ‘Secure Chat Hub’ smart phone App which gives brokers and customers a straightforward and secure way of communicating with the Bank during mortgage applications.
This raft of product, criteria and digital enhancements have been welcomed by intermediaries and packagers in the specialist mortgage market and UTB has seen a considerable uplift in application volumes since the campaign began.
Buster Tolfree, Commercial Director – Mortgages, United Trust Bank, commented: “Within this ‘Interest Only’ residential mortgage product range, we believe we’ve created a compelling offer for those borrowers who may not fit the strict tick-box approach of many mainstream lenders.
“Our common sense underwriting approach, pragmatic and rounded way of assessing borrower profiles and their security properties has made UTB an increasingly popular choice amongst specialist mortgage intermediaries and given additional options to those who may have found their choice of lenders somewhat restricted of late.
“During the last three months we have made a lot of effort to promote our #BrokerSummerSupportPackage and we have continued to improve, enhance and innovate, despite the challenging environment. As a result, more and more brokers are finding out why UTB is becoming a key consideration for their specialist mortgage customers who need a bit more care and flexibility than the High Street is prepared to give.”