United Trust Bank (UTB) Mortgages for Intermediaries has launched product transfer options for its residential mortgages and second charge loans.
The procuration fees/commission are 0.4% of the loan amount transferred on residential mortgages and 1% on second charge loans.
Available interest rates are dependent on the original customer status, LTV and application profile, and will be confirmed upon initial enquiry.
Residential mortgages:
- 0.40% proc-fee/commission
- Two-year fixed rates from 6.99%
- Five-year fixed rates from 7.09%
- £995 product fee, paid up front or added to loan
Second charge loans:
- 1.00% proc-fee/commission
- Two-year fixed rates from 7.39%
- Five-year fixed rates from 6.79%
- £995 product fee, paid up front or added to loan
With immediate effect, all UTB registered introducers can now apply for a product transfer on behalf of their customers through the UTB portal. A new option has been added on the home screen for ‘product transfer Enquiry Form’ and the process takes 1-2 minutes to complete, the lender claims.
Once submitted, UTB assesses the customer’s eligibility and replies by email with details of the available products. Once a product is selected, the nank issues a Mortgage Illustration and Offer for execution within 24 hours. Once returned, confirmation of the new product will be provided, and the transfer set for the day after the current product expires.
Buster Tolfree (pictured), director of mortgages at United Trust Bank, said: “We recognise how important it is for brokers to be able to give their customers certainty and peace of mind as they approach the end of their initial fixed rate period. We are delighted to launch these new product transfer options for UTB customers, especially our industry first second charge product transfer.
“Furthermore, at 0.4% for first charges and 1.0% for seconds, the commissions we’re paying on product transfers are very much at the upper end of the market. Proof yet again that we’re keen to look after our brokers when doing a great job for our shared customers.”