"2020 has been a difficult year for brokers and lenders and the way to turn it around is by working together."
Over the coming weeks the Bank will be announcing a number of mortgage products, criteria and technology enhancements which it believes will enable brokers to write more business.
UTB has started by increasing the maximum LTV available to self-employed applicants from 65% to 75% on its entire range of residential first and second charge mortgage products.
The Bank has also moved to including 50% of all regular income including bonus, overtime and commission payments, providing the additional income has been consistent over the lockdown period and previously.
Buster Tolfree, commercial mortgages director at United Trust Bank, said: “2020 has been a difficult year for brokers and lenders and the way to turn it around is by working together. We want to help our broker and business partners by implementing a number of positive changes which will increase the range of options available to their clients as well as make it easier for brokers to process applications with UTB. We will be expanding our proposition and giving brokers greater choice whilst still lending responsibly.
“UTB has continued to lend throughout the pandemic and we understand the vital role brokers play in the specialist mortgage market. Our success relies on professional and knowledgeable intermediaries being able to advise customers who may not be best served by High Street lenders that there are other options available. We’re hoping that by developing UTB’s range we can help brokers place more cases, help more customers and rebuild their businesses.”
