United Trust Bank launches into the specialist remortgage market

United Trust Bank has launched a new Residential Remortgage product designed to provide speed of service and value through specialist underwriting to customers who aren’t suited to a ‘one size fits all’ approach.

With speed and ease of processing at the heart of the offering, each application is individually assessed by an underwriter, allowing a human touch to be provided rather than relying on more heavily automated systems. Features such as no minimum credit score, AVMs up to 75% LTV, no borrower legal representation and no application fees aim to keep customer-facing costs down whilst speeding up the application process for borrowers.

UTB’s Residential Remortgage will be available through selected introducers on the Bank’s Premier Packager Panel.

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) ignored within parameters
  • No borrower legal representation required
  • No LTV restriction on property construction types
  • No proof of buildings insurance required
  • No LTV restrictions on flats
  • No application fee
  • AVMs available to maximum £250k and 75% LTV

UTB’s move into residential remortgages is the next step in its plan to become a major force in the specialist mortgage sector and builds on the Bank’s considerable success in the Second Charge market.

Last year the Bank entered the first charge arena with its Unencumbered Re-Start product aimed at customers who are looking to release capital from their homes but do not have a recent mortgage history. The Bank’s first and second charge products, backed by UTB’s trademark service excellence, have been warmly received by brokers, distributors and customers.

Dale Jannels, Managing Director at Impact Specialist Finance, commented:

“This is a highly positive move from United Trust Bank and an important addition to the market. We are seeing growing numbers of borrowers who are being ignored by mainstream lenders because they don’t fit a tick box approach to lending. There are many reasons why a borrower can slip into the adverse credit lending band, but it’s crucial to a healthy mortgage market that such people have access to good advice and that there is sufficient competition between lenders in the sector. UTB will certainly shake things up.”

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

 “This is a very exciting step forward for UTB as we continue to expand and enhance our range of specialist mortgage products. When developing new products, we listen to people like Dale at Impact who have an exceptional grasp of what’s happening in the marketplace and a desire to see more customers offered great products and service. We will step into new markets when we see a need for innovation or greater competition and believe that UTB can make a positive difference. We’ve proven our ability to do that in the second charge market and we believe we’ll do the same again with our new remortgage range.

“There’s more to come from UTB this year and I look forward to giving brokers even more opportunities to introduce their clients to a lender which puts achieving great customer outcomes at the forefront of everything we do.”

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