United Trust Bank has launched a range of interest only residential mortgages, available up to 75% LTV or 70% for downsizing.
The interest only range is available for purchase and remortgage, and allows for multiple repayment vehciles including pension lump sums and sale of investment property. There is no minimum credit score and affordability is assessed on the interest only monthly repayment. There is also an ERC-free option for borrowers requiring flexibility.
The introduction of the interest only range is part of UTB's #BrokerSummerSupportPackage campaign launched in July. The campaign has seen the lender increase max LTVs for self-employed borrowers, increase the amount of regular incoming included in affordability calculations, enhanced criteria for contractors and a new range of limited edition second charge products for borrowers with blips on their credit history.
Buster Tolfree, Commercial Director – Mortgages, United Trust Bank, commented:
“Within this interest only residential mortgage product range, we believe we’ve created a compelling offer for those borrowers who may not fit the strict tick-box approach of many mainstream lenders.
“Our common sense underwriting approach, pragmatic and rounded way of assessing borrower profiles and their security properties has made UTB an increasingly popular choice amongst specialist mortgage intermediaries and given additional options to those who may have found their choice of lenders somewhat restricted of late.
“During the last three months we have made a lot of effort to promote our #BrokerSummerSupportPackage and we have continued to improve, enhance and innovate, despite the challenging environment. As a result, more and more brokers are finding out why UTB is becoming a key consideration for their specialist mortgage customers who need a bit more care and flexibility than the High Street is prepared to give.”