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UTB extends maximum first charge term to 40 years

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  • 03/03/2020
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UTB extends maximum first charge term to 40 years
United Trust Bank has extended the maximum term on its first charge mortgages to 40 years as it continues to develop its residential first charge proposition.

 

The lender launched its range of first charge residential house purchase mortgage products in October.

Its range is available exclusively through brokers and aimed at borrowers whose circumstances do not fit high street and mainstream lenders.

A year ago the lender marked its entry into the first charge residential market with a mortgage for borrowers who own their property outright and are looking to release equity.

It has also launched a specialist remortgage product designed to reduce fees and time to process applications.

The lender’s second charge products will retain a 30-year maximum term.

 

More changes to come

United Trust Bank head of sales – mortgages and bridging Mike Walters (pictured) said: “We continue to seek, identify and launch complimentary features within our existing product range.

“We’ve extended our maximum term across our first charge mortgages in response to the evolving marketplace, growing demand and broker feedback.

“Customers are looking to borrow later in life and spreading payments over a longer term can also help affordability. It’s a niche market sector but it is growing.”

He noted that the lender had focused on innovating and evolving its offering over the last two years.

“You can expect to see several more criteria changes, service enhancements and product launches from the mortgage team throughout 2020,” Walters added.

 

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