United Trust Bank Mortgages has doubled its maximum residential first charge mortgage loan size to £2m.

This applies to deals up to 65% LTV.

The maximum limit for borrowers looking to borrow up to 75% LTV is now £1.5m, also increased from £1m.

The change forms part of the specialist lender’s ‘Get January Jumping’ campaign,

Maximum residential first charge limits for purchase or remortgage:

• Up to 65% LTV – £2m max
• Up to 75% LTV – £1.5m max
• Up to 85% LTV – £1m max
• Up to 90% LTV – £750,000 max

Income criteria changes:

• 75% of regular bonus, overtime and commission considered – was 50%
• 75% of annual bonus with 2 years history – was 50% with 4 years history
• Ltd Company Directors income taken from net profit after tax and salary drawn – was taken from drawn dividends and salary
• Self-employed applicants now considered on referral with 1-2 years trading and 1 year confirmed profits – was 2 years of profits evidenced
• Contractors with less than 3 months on their current contract only require a signed letter of intent from their employer (for maximum £1m loan) – previously needed signed renewal letter
• Up to 5% of SIPP pot can be used in monthly affordability if being drawn -previously capped at 3% of pot

Buster Tolfree, director of mortgages at United Trust Bank, said: “Having launched affordability boosting income criteria last week we’ve now doubled our maximum mortgage size to help brokers place bigger cases for customers with more complex incomes.

“And judging by the response we’ve had since we started our ‘Get January Jumping’ campaign, brokers are going to love these latest changes too.

“We’ve listened to intermediaries operating all over the country, we’ve read the research revealed in our mortgages white paper, and we’ve responded with tangible action to help brokers arrange amazing deals for even more customers. And guess what. We still have a few more tricks up our sleeves.”