"Our lower ICRs and increased maximum LTV are great news for landlords who want to take advantage of the sustained demand for rental properties"
- Caroline Mirakian, sales and marketing director at United Trust Bank
United Trust Bank Mortgages for Intermediaries has announced substantial rate reductions and criteria changes across its buy-to-let mortgage range.
The specialist lender has reduced interest rates by as much as 130 bps, with rates starting from 5.34%.
Loans are now available up to 80% LTV for mortgages on single dwellings, HMOs and MUBs.
Income Cover Ratios (ICRs) are once again a minimum of 125% for basic rate taxpayers and limited companies and 130% for mixed tax band paying applicants across all LTV bands.
Interest rates on all 2%, 3%, 4% and 5% product fee plan options have been reduced, with standard two-year fixed rates starting from 5.34% and five-year fixes from 5.74%.
Specialist two-year rates start from 5.44% and five-year rates from 5.89%, while non-standard rates have reduced to 6.97% and 7.20% respectively.
These enhancements follow the Bank restructuring its buy-to-let mortgage range in 2023, simplifying the choice for brokers and enabling many customers to benefit from lower pricing.
The standard range caters for all single dwelling houses and flats. This includes properties situated near commercial premises, high rise apartments or properties of non-standard construction.
UTB’s specialist range now covers all HMOs and MUBs up to 10 lettable rooms or units. The non-standard range now caters exclusively for properties utilised as holiday lets and other similar short-term lettings.
Caroline Mirakian, sales and marketing director at United Trust Bank, said: “We’re responding to increasing confidence in the buy-to-let sector by slashing rates and making it easier for landlords to access great value specialist buy-to-let mortgages. We lend on many property types and construction styles mainstream lenders won’t with no minimum on personal income and no credit scoring.
“Our lower ICRs and increased maximum LTV are great news for landlords who want to take advantage of the sustained demand for rental properties and retain as much of their cash as they can to invest in developing their portfolios. If brokers need convincing that UTB wants to do a lot of buy-to-let business this year, this should do the trick.”
