It reduces rates and makes criteria changes
United Trust Bank (UTB) Mortgages for Intermediaries has ushered in the new year with enhancements to its buy-to-let mortgage range, including rate reductions and criteria changes.
The specialist lender has made significant rate reductions, with interest rates now starting from 5.34% due to reductions of up to 130 basis points.
UTB’s buy-to-let mortgage range now extends loans up to 80% loan-to-value (LTV) for properties including single dwellings, houses in multiple occupation (HMOs), and multiple unit blocks (MUBs).
Notable changes in the income cover ratios (ICRs) include a minimum of 125% for basic rate taxpayers and limited companies, while mixed tax band paying applicants will observe a minimum of 130% across all LTV bands.
The adjustment in interest rates encompasses various product fee plan options, affecting standard, specialist, and non-standard categories. For standard single dwellings, two-year fixes start from 5.34%, while five-year fixes commence at 5.74%.
In the specialist category covering HMOs and MUBs, two-year fixes begin at 5.44%, while five-year fixed options start at 5.89%. Non-standard properties, specifically holiday lets, see two-year fixed rates begin at 6.97% and five-year fixes at 7.20%.
Brokers seeking full details of UTB’s new buy-to-let loan rates and criteria can refer to the lender’s updated product guide available online.
“We’re responding to increasing confidence in the BTL sector by slashing rates and making it easier for landlords to access great value specialist BTL mortgages,” Caroline Mirakian (pictured), sales and marketing director of mortgages at United Trust Bank said. “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.”
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