In addition, the Bank has launched a near prime residential mortgage product with a maximum 75% LTV.
The bank's residential first charge range is for purchase and remortgage with a maximum loan size of £500k and 2-, 3- and 5-year fixed rates from 4.30%.
Near prime products are available for purchase, remortgage, interest only and unencumbered, with no minimum credit score and defaults or CCJs ignored if over a year old.
Second charge loans have a max loan size of £250k with 2-, 3- and 5-year fixed rates from 5.95%.
Buster Tolfree, commercial director – mortgages, United Trust Bank, commented:
“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.”
