The lender said it made the change following broker feedback that customer demand for larger mortgages was increasing and not being catered for by mainstream lenders.
Loans of up to £1m are available for residential purchases for existing homeowners, first-time buyers and remortgages.
Mortgages are available on a capital repayment or interest-only basis up to 85 per cent loan to value (LTV), and affordability for interest-only mortgages is calculated on the interest payment only.
Adverse credit customers can be considered, subject to lending criteria, as well as unusual property and build types such as properties with a steel or timber frame, listed buildings, former local authority houses and high-rise flats and maisonettes.
Buster Tolfree (pictured), mortgages’ director at United Trust Bank, said brokers were saying there was “significant demand” for larger mortgages from customers who did not fit mainstream lender criteria.
He said: “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 that the offering of £1m mortgages was a “significant milestone in the evolution of our mortgage business” and suggested there was more to come from the bank in 2022.
