Bank also revamps criteria to broaden lending reach
United Trust Bank (UTB) Mortgages for Intermediaries has announced rate reductions across its entire suite of first and second charge residential mortgages.
The lender has introduced lower interest rates, starting at 5.99%, and has also revamped its credit criteria to accommodate a wider range of customer needs.
The updated credit criteria now features new categories for borrowers: Prime-Plus, Prime, and Near-Prime, replacing the previous 0-Status, 1-Status, and 2-Status classifications.
UTB Mortgages has also adjusted its product offerings to allow for up to 85% loan-to-value (LTV) and a maximum loan size of £1 million, applying lower rates across all its products, criteria, and fixed term offerings.
The new first charge residential mortgage interest rates include Bank of England (BoE) lifetime trackers starting from +2.19%, two-year fixes from 6.44%, three-year fixes from 6.39%, and five-year fixes from 5.99%. Special provisions are also in place for interest-only and mortgage prisoner options, alongside an unencumbered option with a 0.5% loading.
For second charge residential mortgages, new rates feature BoE Lifetime Trackers from +3.24%, two-year fixes from 7.29%, three-year fixes from 7.19%, and five-year fixes from 6.59%. The second charge range also offers options up to 85% LTV and loan sizes up to £500,000, with revised product fees.
Brokers can view the updated product guide for detailed information on the latest changes.
“The mortgage market is a dynamic place to hang out, and we understand how important it is to respond to changes quickly, especially when brokers at the coalface tell us that with a few straightforward alterations to our criteria, they may be able to introduce a lot more customers,” said Buster Tolfree (pictured), director of mortgages at United Trust Bank.
“Our new and revised criteria, combined with rate reductions across our entire residential mortgage product range, give brokers an even more compelling reason to talk to us about any specialist mortgage applications. Our willingness to lend on non-standard property types in unfavoured locations and to customers with complex incomes and historic payment blips means we’ll take a view on even the most challenging of cases.”
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