United Trust Bank launches into the house purchase mortgage market

United Trust Bank has launched a new range of first charge residential house purchase mortgage products designed for customers underserved by mainstream mortgage lenders.

The new products are aimed at borrowers whose circumstances do not fit the credit score led underwriting processes employed by ‘high street’ and other mainstream lenders. UTB will instead combine cutting edge technology with specialist underwriters to provide quick, individual decisions based on the merits of each application. Like all the Bank’s mortgage products, there is no minimum credit score required, a wide range of property and construction types are accepted and self-employed and borrowers with some adverse credit history are considered. ID verification will be processed through the recently launched UTB Nivo facial recognition App.

Key features of the new product range include:

  • 2-year fixed rates from 3.8% – 5-year fixed rates from 3.95%
  • BoE Lifetime Tracker from +3.35%
  • Maximum 85% LTV
  • No minimum credit score
  • CCJs and defaults (satisfied or unsatisfied) will be considered within parameters
  • Existing homeowners only, no First Time Buyers
  • Gifted deposits/equity accepted
  • No LTV restriction on property construction types
  • No LTV restrictions on flats
  • No application fee

With these latest additions, United Trust Bank now offers a range of specialist mortgages for residential purchases, residential remortgages, first charge capital releasing mortgages for unencumbered borrowers and second charge loans for a variety of uses.

The Bank’s mortgage offering has speed, ease of processing and excellent service at its core and recent enhancements such as the introduction of the facial recognition ID verification system make the application process even quicker and simpler.

UTB’s move into residential house purchase mortgages is the next step in its evolution to become a go-to specialist mortgage lender with products to suit customers in most circumstances who aren’t catered for by mainstream mortgage offerings. The Bank is continuing to widen and develop its distribution and is focused on achieving ambitious growth plans by meeting demands from introducers for products suited to many of the customers they see but currently have limited choice.

Since entering the market in 2015 with its ground-breaking second charge loan offering, UTB’s presence in the specialist mortgage sector has been warmly received by brokers, distributors and customers.

Buster Tolfree, Commercial Director – Mortgages, United Trust Bank said:

 “The launch of our residential house purchase mortgages fills an obvious gap in our suite of products, and it signals our intent to become a specialist lender with a range of products suitable for customers in most property buying, remortgaging or capital releasing scenarios. As such this is an exciting move, and with this release we now cater for all four types of residential mortgage product verticals available in the UK.

“Our success to date has been borne out of listening to the market, taking note of introducer’s needs and working with them to develop great products where we see a demand for innovation, more competition or the application of our more flexible and common-sense underwriting approach.

“There’s still more to come from UTB over the next 12 months as we continue to expand our product range, widen our distribution and digitise the process. We’re looking forward to working with even more introducers by giving them greater opportunities to recommend UTB to their clients.”

For further product details please contact your United Trust Bank BDM, or the Mortgage team on 020 7031 1552.