The ‘Unencumbered Restart Mortgage’ is designed to raise cash for purposes like funding home improvements, purchasing an investment or buy-to-let property and consolidating unsecured debt.
United Trust Bank has launched a residential mortgage aimed at customers who own their properties outright but want to release capital.
The ‘Unencumbered Restart Mortgage’ is designed to raise cash for purposes like funding home improvements, purchasing an investment or buy-to-let property and consolidating unsecured debt.
Buster Tolfree (pictured), commercial director, mortgages, at United Trust Bank, said: “UTB continues to develop and bring to market mortgage products which cater for customers whose specialist needs aren’t being met by the ‘one size fits all’ approach taken by many other lenders.
“We listen to introducers, identify opportunities and design products which offer great value and a quick, straightforward, hassle free experience backed by common sense lending decisions.
“This is going to be a very exciting year in the development of UTB’s mortgage business and I’m looking forward to revealing more of our plans as we progress through 2019.”
There is a lifetime tracker from +4.4% and 5-year fixes from 6% to 75% loan-to-value, with a with a maximum loan size of £250,000.
UTB said customers without a mortgage history often have a low credit score, so there is no minimum credit score in its underwriting criteria.
Other product features, such as Automated Valuations and no need for borrower legal representation, are designed to enable swift underwriting and processing for a quick customer journey.
The product is available through United Trust Bank’s master broker panel and strategic packager partners.
