United Trust Bank has unveiled a new residential remortgage product designed to provide specialist underwriting to customers who aren’t suited to a ‘one size fits all’ approach.
Each application is individually assessed by an underwriter. 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:
- Two-year fixed rates from 3.8%
- Five-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
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.
Buster Tolfree, commercial director – mortgages at 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.”