UTB relaunch Residential products. To help explain what it all means. Long story short, UTB base lending decisions on the credit profile of the customer, not the property type or complexity of their income. They have designed 3 new products for our residential range:
Prime Plus
- This customer is probably coming to UTB because they either have a non-standard construction/ property type or something nearby to a commercial or some complex income
- Property: above a shop, high rise, barn conversion, concrete, single skin brick, timber framed
- Complex income: Ltd Company director, contractor, sole trader, complex company structure/ loan purpose
- This customer has little/ no adverse credit. Some flexibility for minor adverse over 2+ years old
Prime
- This customer may have a non-standard property/ complex income but also have some historical adverse credit over 2+ years ago
- Maximum of 2 CCJs and 3 Defaults over 2 years old. Historical adverse total is less than £5k
Near Prime
- This customer may have non-standard property/ complex income but have also had some recent adverse credit
- This can include being in arrears, 1 missed mortgage payment, 1 CCJ and 1 default in the last 24 months. There is no limit on historical adverse credit
Residential criteria snapshot:
- England, Wales and Scotland
- Up to 85% LTV
- Age 21 – 85 years
- Property price £90K +
- Gifted deposit, gifted equity and concessionary purchase accepted
- Married sole applicants accepted
- Purchase, Remortgage, Interest Only, Mortgage Prisoner and Unencumbered products available
- Up to 40 year terms
- Loan size from £25K – £1M
- Intermediary led product transfers now available
- New build properties accepted
- Conditional offers available
Contact your BDM for more info