UTB ups maximum resi first charge mortgage size

The move is the final enhancement to be announced by the specialist mortgage lender as part of its Broker Summer Support Package 2021.

UTB ups maximum resi first charge mortgage size

United Trust Bank (UTB) has increased its maximum residential first charge mortgage size to £750,000.

 

The move is the final enhancement to be announced by the specialist mortgage lender as part of its Broker Summer Support Package 2021.

It also follows the introduction of a new document upload system, online decision in principle (DIP) and automatic underwriting system which provides brokers with point-of-sale real-time decisioning.

Highlights of UTB’s first charge mortgage range for purchase and remortgage plans includes 0-status loans, up to 85% loan-to-value (LTV) and 2, 3 and 5-year fixed rates from 3.80%.

First-time buyers are also accepted and the maximum loan-to-income (LTI) is 4.50 on loans over £500,000.

For interest only plans, it includes 0-Status loans and a maximum 70% LTV for downsize and 75% LTV all other repayment vehicles.

2, 3 and 5-year fixed rates are also available from 3.80%, affordability is assessed purely on interest-only payments, a minimum of £50,000 annual income is required and a maximum 4.50 LTI on loans over £500,000.

Buster Tolfree, director of mortgages at United Trust Bank, said: “We’ve seen increasing demand for larger mortgage sizes catering for customers with circumstances which don’t fit the High Street’s restrictive credit criteria.

"This increase to a £750,000 maximum loan size demonstrates the confidence we have in our more pragmatic approach to underwriting which is about looking at a customer’s overall situation rather than dismissing them for a blip or two on their credit history.

“This increase, together with our recent introduction of online DIPs and auto-underwriting, will further help brokers to place and complete more complex cases quickly and successfully."

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