United Trust Bank launches new first charge product – The Unencumbered Re-start Mortgage

United Trust Bank has launched a new first charge mortgage product aimed at customers who own their properties outright.

The Unencumbered Re-start Mortgage is designed to enable homeowners to release capital tied up in their property for a wide variety of purposes but typically will include funding home improvements, purchasing investment or BTL property, consolidating unsecured debt or combinations of uses.

Customers without a current mortgage history often have a low credit score as a result. However, UTB’s Unencumbered Re-start Mortgage has no minimum credit score in its underwriting criteria. Other key product features, such as Automated Valuations and no need for borrower legal representation, are designed to enable swift underwriting and processing and a quick and easy customer centric journey from application to completion.

The product is available through United Trust Bank’s Master Broker panel and Strategic Packager partners.

key product features include:

  • £250,000 maximum loan size to a maximum 75% LTV
  • No minimum credit score
  • No lender application fee
  • Various construction types accepted
  • Max age 85
  • Lifetime BoE trackers from +4.4% and 5-year fixed rates from 6%
  • 1% commission / procuration fee

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

“UTB continues to develop and bring to market mortgage products which cater for customers whose specialist needs aren’t being met by the ‘one size fits all’ approach taken by many other lenders. We listen to introducers, identify opportunities and design products which offer great value and a quick, straightforward, hassle free experience backed by common sense lending decisions.

“This is going to be a very exciting year in the development of UTB’s mortgage business and I’m looking forward to revealing more of our plans as we progress through 2019.”