It will now accept off-plan purchases and a maximum 5% new build incentives
United Trust Bank (UTB) Mortgages for Intermediaries has expanded its mortgage offerings to include new build properties in both its residential and buy-to-let product ranges.
The move follows a significant reprice and a restructuring of its credit criteria to accommodate a broader range of customer needs, including new acceptable adverse credit rules. It now offers interest rates starting at 4.84% for BTL and 5.99% for residential mortgages.
UTB has now adjusted its lending criteria to include off-plan purchases, contingent on a re-inspection prior to completion, and will accept a maximum of 5% in new build incentives, such as builder’s deposits.
The other terms of UTB’s mortgage products remain consistent with its standard offerings. Residential mortgages are available up to 85% loan-to-value (LTV) with a cap of £1 million, and BTL mortgages up to 80% LTV with a limit of £1.5 million.
Brokers can view the updated product guide for detailed information on the latest changes.
“This expansion of our product range gives brokers more choice for clients who want to buy a brand-new home but have a complex income or credit history blips,” said Buster Tolfree (pictured), director of mortgages at United Trust Bank.
“At UTB we are all about helping people to fulfil their property dreams even if they don’t fit the criteria of mainstream lenders. I’m delighted that our common sense and flexible approach to property types, incomes and historic adverse now extends to this important sector of the property market.”
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