Applicants to benefit from significantly lower interest rates
United Trust Bank (UTB) has restructured its buy-to-let product range to simplify the choice for brokers and enable customers to benefit from significantly lower pricing.
The specialist lender has made changes to how different property types fit into its standard, specialist, and non-standard product categories, with several property types having been moved into the standard category and subsequently eligible for rates up to 2.35% lower than previously.
UTB’s buy-to-let standard range now caters for all single dwelling houses and flats, including properties situated near commercial premises, high rise apartments, or properties of non-standard construction.
The bank’s specialist range now cover all houses in multiple occupation (HMOs) and multi-unit blocks (MUBs) up to 10 lettable rooms or units. As large HMOs or MUBs of seven to 10 rooms or units were previously placed in the non-standard range, landlord borrowers with larger letting properties can now benefit from savings of up to 1.45%.
The non-standard range now cater exclusively for properties utilised as holiday lets and other similar short-term lettings.
These changes follow the recent announcement that UTB will accept passing rent figures declared by landlords up to a maximum of 10% over the rent verified by a valuer.
UTB supports landlords and BTL mortgage brokers facing ICR challenges. To help current market pressures, we're now accepting passing rent figures declared by landlords, up to 10% over the valuer's rent assessment. This change will be effective immediately https://t.co/8PrkKn014H pic.twitter.com/OxOcEc4FZK
— United Trust Bank (@UnitedTrustBank) October 9, 2023
“We’re pulling out all the stops to support our brokers and their landlord customers,” remarked Caroline Mirakian (pictured), sales and marketing director of mortgages at United Trust Bank. “We have restructured our BTL product categories to make them simpler to understand, simpler to apply for and, for many property types, cheaper too.
“This move, combined with our recently announced flexible approach to passing rent, is another great reason why brokers should come to UTB when placing a specialist BTL deal.”
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