Applicants will benefit from a reduced affordability assessment, providing the new payment is less than the current payment.
United Trust Bank (UTB) has launched an enhanced range of mortgage products designed to help mortgage prisoners.
Applicants will benefit from a reduced affordability assessment, providing the new payment is less than the current payment, and no interest rate buffers are applied.
The lender will also provide a full credit search and automated valuation (AVM) integrated DIP with document upload facility and an app-based biometric ID verification process.
The products are only available through Mortgage Advice Service accredited brokers who have experience of advising mortgage prisoners.
Buster Tolfree, director of mortgages at United Trust Bank, said: “The FCA’s publication of the review of Mortgage Prisoners highlights just how many people are trapped in poor value mortgages, often through no fault of their own.
"As a specialist mortgage lender, we have the skills and flexible underwriting capability to help many of those households move to a better, more competitive deal if their circumstances don’t suit those required by most other lenders.
“These are likely to be great options for customers on standard variable rate (SVR) mortgages with closed book lenders who may be unable to meet the affordability requirements of a traditional remortgage but can nonetheless show a track record of maintaining their mortgage payments.
"I’m very happy that UTB is one of the first specialist mortgage lenders to offer products specifically designed to help mortgage prisoners get a better deal.”