It said the move would lower the costs for borrowers and making bridging finance more accessible to a wider range of customers.
The key changes are:
- Increasing the use of automated valuations (AVMs) for loans of up to £1m that are below 55 per cent loan to value (LTV), with a maximum value of £1m per security property
- Increasing the availability of dual legal representation for regulated loans of up to £1m
- A new 75 per cent LTV price band for first charges at a rate of 0.75 per cent per month.
These changes have been rolled-out to the wider market following a six week pilot phase which included a small number of “close broker partners”.
Mike Walters, head of sales for mortgages and bridging, (pictured) said: “Feedback throughout was that the cost reductions and speed improvements brought about by the use of dual legal representation and increased use of AVMs were very well received by the brokers and customers hence UTB’s decision to roll them out across the board.”
Gavin Diamond, commercial director – bridging, added: “Such feedback is invaluable in helping us to continually improve and refine what we do as we ensure our specialist short-term loans continue to meet the changing needs of brokers and borrowers.”