You are here: Home - News -

United Trust Bank launches residential ‘mini-mortgage’

by:
  • 22/05/2018
  • 0
United Trust Bank launches residential ‘mini-mortgage’
United Trust Bank (UTB) has launched into the first-charge residential mortgage market with a ‘Mini-Mortgage’ product on loans of up to £100,000.

 

 

The product has been designed to enable customers to release equity in their unencumbered property and for customers that don’t necessarily fit an automated underwriting process. The product can also be used for purchases and a wide range of construction types are considered.

UTB Mini-Mortgages are available from £5,000 to £100,000 and up to 75% of LTV.

Repayment terms can be agreed from 3 to 30 years and borrowers should be no more than 85 years old at end of term.

UTB does not require a minimum credit score and interest rates include Bank of England Base Rate lifetime trackers and five-year fixed rates.

 

The process

 

The loan was soft launched in November 2017 through Ocean Finance and ChaseBlue Loans and will initially be exclusively available through UTB’s existing introducers with a wider roll-out later this year.

Gareth Shilton, director of Ocean Finance, said: “I’m sure this new product will be warmly welcomed by brokers who now have another option for clients wishing to release equity from their property or borrow a relatively small amount at competitive rates.”

Ben Gillespie, owner of ChaseBlue loans, added: “This is a great product and what’s more, like UTB’s second charge offering it benefits from simple processes, a fantastic underwriting team and excellent BDM and training support.”

Buster Tolfree, United Trust Bank commercial director – mortgages, said: “I’m delighted that UTB’s mortgage offering continues to develop into other mortgage sectors where there’s a clear customer demand but a distinct lack of choice. By using the same consumer-outcome based approach we apply to all of our lending I’m confident that brokers will find the Mini-Mortgage a useful addition to their product tool kit.”

United Trust Bank launched into specialised mortgages in 2015 initially offering a range of second charge loans.

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @Official_AMI: We raised an amazing £3,536.40 for @MytonHospices last night so a huge thank you to everyone who donated. This is the hig…
Read previous post:
/IMG/795/195795/bank-of-england-london.jpg
Bank of England policymaker predicts up to six interest rate rises in three years

Interest rates could rise up to six times over the next three years, one of the Bank of England’s key...

Close