"Brokers at the coalface tell us that with a few straightforward alterations to our criteria they may be able to introduce a lot more customers."
- Buster Tolfree, director of mortgages at United Trust Bank
United Trust Bank Mortgages for Intermediaries has announced widespread rate reductions as part of a refresh of its entire first and second charge residential mortgage range.
In addition to lower interest rates, now starting from 5.99%, the specialist lender has restructured and widened its credit criteria with new acceptable adverse rules across its entire range.
UTB Mortgages’ new criteria categories are Prime-Plus (previously 0-Status), Prime (previously 1-Status), and Near-Prime (previously 2-Status).
Product options are available up to 85% LTV and a maximum £1m loan size and lower rates have been applied across all products.
New first charge residential interest rates include lifetime trackers from Bank Rate +2.19%, two-year fixes from 6.44%, three-year fixes from 6.39%, five-year fixes from 5.99%, and five-year fixes with two-year ERCs from 6.84%.
Interest-only and mortgage prisoner options are also available across the range.
New second charge residential rates include lifetime trackers from Bank Rate +3.24%, two-year fixes from 7.29%, three-year fixes from 7.19%, five-year fixes from 6.59%, and five-year fixes with no ERCs from 7.89%.
Second charge products are available up to 85% LTV and £500,000 loan sizes. Product feea are now £995 up to £125,000 and £1,495 up to £500,000.
Buster Tolfree, director of mortgages at United Trust Bank, commented: “The mortgage market is a dynamic place to hang out and we understand how important it is to respond to changes quickly, especially when brokers at the coalface tell us that with a few straightforward alterations to our criteria they may be able to introduce a lot more customers.
“Our new and revised criteria, combined with rate reductions across our entire residential mortgage product range, give brokers an even more compelling reason to talk to us about any specialist mortgage applications. Our willingness to lend on non-standard property types in unfavoured locations and to customers with complex incomes and historic payment blips means we’ll take a view on even the most challenging of cases.”
