United Trust Bank has completed a £352,000 second charge mortgage, it largest ever.

The loan, introduced by Brightstar Financial, was to enable the applicants to repay a substantial private loan, complete home improvements and purchase a car.

It was arranged on a two-year fixed rate, allowed the applicants to avoid a large early repayment charge (ERC) on their first charge mortgage and also tied in with the fixed rate period remaining on their mortgage.

The applicants took advantage of UTB’s new facial recognition ID service which removed the need for them to visit a solicitor to obtain ID verification.

Mike Walters (pictured), head of sales – mortgages & bridging, United Trust Bank, said: “The changes we’ve made to our product criteria, our flexible underwriting and the improvements we’ve made to our service and processing has enabled Brightstar to recommend UTB and ensure an excellent outcome for their clients.

“Once again, by working closely with a skilled and knowledgeable introducer we’ve been able to provide a solution which may not have been the obvious first choice of the borrower, but none the less gave them exactly what they needed, quickly and smoothly.”

Bradley Moore, managing director of Brightstar Financial, added: “This is another example of the versatility of second charge mortgages, allowing the client to satisfy all of their capital raising needs and avoiding their first charge ERC at the same time.

“Brightstar were able to work closely with UTB, utilising some of their excellent criteria and process changes to deliver a competitive fixed rate for the borrower in a timely manner. The loan size and purpose further demonstrates the change in customer profile of the average second charge borrower over recent years.”