United Trust Bank (UTB) Mortgages for Intermediaries has introduced rate reductions as part of a refresh of its while first and second charge residential mortgage range.

The specialist lender has also restructured and widened its credit criteria with new acceptable adverse rules across its entire range, catering for wider customer needs.

UTB Mortgages’ new criteria categories are:

• Prime-Plus (previously 0-Status)
• Prime (previously 1-Status)
• and Near-Prime (previously 2-Status)

Product options are available up to 85% LTV and a maximum £1m loan size and lower rates have been applied across all products, criteria and fixed terms available.

New first charge residential interest rates include:

• BoE Lifetime Trackers from +2.19%
• 2yr Fixes from 6.44%
• 3yr Fixes from 6.39%
• 5yr Fixes from 5.99%
• 5yr Fixes, with only 2yr ERC from 6.84%

Other first charge residential range highlights:

• Interest Only (75% LTV) and Mortgages Prisoners (60% LTV) options available.
• Unencumbered (70% LTV) with a 0.5% loading also available. 

New second charge residential interest rates include:

• BoE Lifetime Trackers from +3.24%
• 2yr Fixes from 7.29%
• 3yr Fixes from 7.19%
• 5yr Fixes from 6.59%
• 5yr Fixes, with no ERC from 7.89%

Other second charge range highlights:

• Product options available up to 85% LTV and £500k loan sizes.
• Product Fees now £995 up to £125k, and £1,495 up to £500k.

Buster Tolfree (pictured), director of mortgages at United Trust Bank, said: “The mortgage market is a dynamic place to hang out and we understand how important it is to respond to changes quickly, especially when brokers at the coalface tell us that with a few straightforward alterations to our criteria they may be able to introduce a lot more customers.

“Our new and revised criteria, combined with rate reductions across our entire residential mortgage product range, give brokers an even more compelling reason to talk to us about any specialist mortgage applications. Our willingness to lend on non-standard property types in unfavoured locations and to customers with complex incomes and historic payment blips means we’ll take a view on even the most challenging of cases.”