United Trust Bank (UTB) has unveiled a new first charge mortgage product aimed at customers who own their properties outright.

The Unencumbered Re-start Mortgage is designed to enable homeowners to release capital tied up in their property for a wide variety of purposes but typically will include funding home improvements, purchasing investment or buy-to-let property, consolidating unsecured debt or combinations of uses.

It explained that customers without a current mortgage history often have a low credit score as a result. However, UTB’s Unencumbered Re-start Mortgage has no minimum credit score in its underwriting criteria.

UTB said other key product features, such as automated valuations and no need for borrower legal representation, are designed to enable swift underwriting and processing and a quick and easy customer centric journey from application to completion.

The product is available through United Trust Bank’s Master Broker panel and Strategic Packager partners.

It has a £250,000 maximum loan size to a maximum 75% LTV, with no lender application fee.

It is available to a maximum age of 85.

Buster Tolfree, United Trust Bank’s commercial director – mortgages, said: “UTB continues to develop and bring to market mortgage products which cater for customers whose specialist needs aren’t being met by the ‘one size fits all’ approach taken by many other lenders.

“We listen to introducers, identify opportunities and design products which offer great value and a quick, straightforward, hassle free experience backed by common sense lending decisions.

“This is going to be a very exciting year in the development of UTB’s mortgage business and I’m looking forward to revealing more of our plans as we progress through 2019.”