United Trust Bank (UTB) has increased the maximum LTV available on its range of first and second charge residential mortgage products to 80%.
The bank has also launched a Near Prime residential mortgage product with a maximum 75% LTV.
Key features of UTB’s new mortgage offering are:
Residential First Charge Mortgages
- 80% LTV product launch
- Purchase and Remortgage only
- Max £500k Loan size, 0-Status only
- 2, 3 and 5yr fixed rates, from 4.30%
- No minimum credit score
- Max 4.50 LTI
- Primary income must be employed only, minimum 12 months in current role
Near Prime product launch
- 1 and 2 Status Plans updated
- Purchase, Remortgage, Interest Only and Unencumbered
- Max 75% LTV and £500k (dependent on plan)
- Unsecured credit; payment profile now ignored if being consolidated
- Defaults/CCJs; ignored if over 1yr old
- Mortgages arrears; max 0 in 3, plans now available up to 2 in 12
- No minimum credit score
Second Charge Loans
- 80% LTV product launch
- Max £250k Loan size, 0-Status only
- 2, 3 and 5yr fixed rates, from 5.95%
- No minimum credit score
- Primary income must be employed only, minimum 12 months in current role
Buster Tolfree, commercial director – mortgages, United Trust Bank, said: “Throughout this year we have released a wide range of new products, criteria and digital enhancements to help mortgage brokers write more business whilst still dealing with the challenges presented by Covid-19.
“The feedback we received has been overwhelmingly positive and many brokers also suggested that a small increase in our maximum LTVs would give them additional opportunities. Although uncertainty surrounding the pandemic continues, UTB has decided to back brokers and their customers in these challenging times. We believe that the best way to get through this crisis is to work together, supporting brokers wherever possible.”