United Trust Bank Ups Maximum Residential First Charge Mortgage Size to £1m
United Trust Bank (UTB) has increased its maximum first charge residential mortgage size to £1million following feedback from brokers that there is increasing demand for larger mortgages from customers who are not being served by mainstream lenders.
Mortgages of up to £1m are available on residential purchases for existing homeowners, First Time Buyers and for remortgages.
Mortgages are available on a Capital Repayment or Interest Only basis up to 85% LTV, with affordability on Interest Only mortgages assessed on the interest payment only.
Customers with previous adverse credit will be considered, subject to criteria, as will unusual property and build types including steel frame, timber frame, listed buildings, ex-Local Authority houses and high-rise flats and maisonettes.
Buster Tolfree, director for mortgages, United Trust Bank, commented: “Brokers are telling us there’s significant demand for larger mortgages from customers who don’t fit the criteria of mainstream lenders. Our combination of smart technology supported by personal underwriting enables us to provide substantial, competitive mortgages to borrowers who may be blocked from the high street for small credit blips or because the home they want to buy is more interesting or unusual than straightforward brick and tile.
He added: “We have continued to develop our mortgage proposition throughout this year and the move to offer £1million mortgages is a significant milestone in the evolution of our Mortgage business. Expect to see even more exciting announcements from UTB in 2022!”