United Trust Bank has expanded its second charge mortgage proposition with the launch of two new product ranges, widening eligibility and revising pricing across the range with rates now starting from 5.39%.
The lender has introduced ‘Super Prime’ and ‘Specialist’ ranges as part of a broader refresh of its second charge offering, increasing the number of available product tiers to five.
The changes are intended to reflect the increasingly diverse profiles of borrowers seeking second charge finance, including those whose circumstances fall outside the criteria of mainstream lenders.
The Super Prime range is aimed at customers with clean credit histories, offering lending of up to 90% loan-to-value for borrowers with no CCJs or defaults in the past 48 months.
COMPLEX CREDIT PROFILES
At the other end of the spectrum, the new Specialist range supports borrowers with more complex credit profiles, allowing lending up to 80% loan-to-value for customers with up to two CCJs and two defaults registered within the last 24 months.
Alongside the new ranges, United Trust Bank has made a number of changes across its wider second charge proposition. These include reduced fees on smaller loans, with loans below £60,000 now carrying a £595 fee and no fees at all on borrowing up to £40,000.
The lender has also relaxed criteria within its prime range, which now allows one CCJ or default within the past 24 months.
Operational enhancements form part of the refresh, following the recent introduction of electronic deeds and electronic direct debit mandates. These changes allow customers to sign documentation online without wet signatures, helping to reduce delays and streamline the application process.
Automated valuation models are available on cases up to 85% loan-to-value, while maximum loan sizes extend from £25,000 up to £1 million.
MORE OPPORTUNITIES
Andrew Ferguson (pictured), commercial director of mortgages, buy-to-let and bridging at United Trust Bank, said: “These additions to our second charge range give brokers even more opportunities to help their customers and place more cases, particularly those who fall outside of mainstream lenders’ criteria because of their circumstances or property type.
“And with rates starting from just 5.39%, brokers can offer some cracking UTB deals.
“This is yet another example of UTB finding new ways to enhance our offering, making it even easier for brokers to choose UTB for their specialist customers knowing we offer great service and excellent value for money. Watch out for more great enhancements coming soon.”
