UTB Mortgages for Intermediaries has launched a new ‘limited edition’ buy-to-let five-year fixed rate mortgage at 6.19% with a 4% product fee.
Switching on the online DIP process for buy-to-let products has enabled the specialist lender to increase capacity for new buy-to-let applications and reduce its SLA for new applications and post to 24 hours.
Mike Walters, sales director – mortgages at United Trust Bank, said: “The buy-to-let market is adapting to the sharp increase in the Base Rate and we are supporting our broker partners and landlord borrowers with new competitive products and quick turnarounds to help mitigate interest coverage ratio (ICR) challenges.
“Brokers have been very positive about our buy-to-let offering which caters for individual, portfolio, limited company SPV and first-time landlords with specialist requirements such as unusual property types including flats that are high rise and over commercial premises, HMOs, multi unit freehold properties and holiday lets. Our recent broker portal enhancements have enabled us to welcome many new landlord customers to UTB and we are sure this attractive fix will encourage even more.”
Until recently, the majority of buy-to-let applications submitted to UTB were referred for a manual underwriting review, but following a trial, brokers are now able to see an immediate pass, fail or refer decision on the Bank’s broker portal DIP results screen.
