UTB launch 80% second charge and residential mortgages

Throughout 2020 we have released a wide range of new products, criteria and digital enhancements to help support the industry. This is all with the intention of helping Mortgage Brokers to write more business, whilst still dealing with the challenges presented by Covid-19.

In line with this principle of all being-in-it-together, I am pleased to confirm the latest positive changes to our Second Charge Loan and Residential Mortgage products, which are immediately available in the Portal:

Second Charge Loans
–¬†80% LTV product launch
o Max £250k Loan size, 0-Status only
o 2, 3 and 5yr fixed rates, from 5.95%
o No minimum credit score
o Primary income must be employed only, minimum 12 months in current role

Packager/Distributor Product Guide, available here
Standard Product Guide, available here

Residential Mortgages
        Р80% LTV product launch
o Purchase and Remortgage only
o Max £500k Loan size, 0-Status only
o 2, 3 and 5yr fixed rates, from 4.30%
o No minimum credit score
o Max 4.50 LTI
              o Primary income must be employed only, minimum 12 months in current role

¬† ¬† ¬† ¬† –¬†¬†Near Prime product launch
o 1 and 2 Status Plans updated
o Purchase, Remortgage, Interest Only and Unencumbered
o Max 75% LTV and £500k (dependent on plan)
o Unsecured credit; payment profile now ignored if being consolidated
o Defaults/CCJs; ignored if over 1yr old
o Mortgages arrears; max 0 in 3, plans now available up to 2 in 12
o No minimum credit score

Packager/Distributor Product Guide, available here
Standard Product Guide, available here

Finally, I am pleased to confirm that we have successfully recruited a number of new staff within our mortgage underwriting team in September. In addition, we will also be launching some exciting new enhancements to our Broker Portal during October. These changes will include a new Equifax credit search integration and a simplification of the Affordability Calculator. Once these are deployed we will be reviewing our turnaround times with a view to returning back to our normal 24hrs for Post (currently 24-48hrs) and Full Mortgage Applications (currently 48-72hrs). We will update you further in due course.

If you have any new applications you wish to discuss, please contact your regional BDM or Key Accounts Manager directly, or email mortgage.enquiries@utbank.co.uk. The Underwriting Team can also be reached on 0207 031 1552 or via secondcharges@utbank.co.uk or mortgages@utbank.co.uk.