UTB to accept new builds for resi and BTL

The move from UTB comes after a reprice, with rates starting from 4.84% for BTL and 5.99% for residential mortgages and a restructure and widening of its credit criteria with “new acceptable adverse rules” across its range.

UTB will accept, with evidence of an appropriate new-build warranty or certificate, off-plan purchases, subject to reinspection before completion, and a maximum of 5% new-build incentives, including builder’s deposit.

Other criteria and product features are the same as standard, with residential mortgages going up to a maximum LTV of 85% and maximum loan size of £1m, and BTL having a maximum LTV of 80% and loan size of £1.5m.

Buster Tolfree (pictured), director of mortgages at UTB, said: “This expansion of our product range gives brokers more choice for clients who want to buy a brand-new home but have a complex income or credit history blips.

“At UTB, we are all about helping people to fulfil their property dreams even if they don’t fit the criteria of mainstream lenders. I’m delighted that our common-sense and flexible approach to property types, incomes and historic adverse now extends to this important sector of the property market.”