UTB reintroduces additional income consideration as part of support package

  • 21/07/2020
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UTB reintroduces additional income consideration as part of support package
United Trust Bank (UTB) is once again considering 50 per cent of all regular bonus, overtime and commission income for employed staff.


The move is part of its series of product, criteria and technology enhancements which will be unveiled during the summer.

It began last week by increasing the maximum loan to value (LTV) available to self-employed applicants from 65 per cent to 75 per cent on its entire range of residential first and second charge mortgage products.

This latest move includes half of all regular income including bonus, overtime and commission payments providing the additional income has been consistent over the lockdown period and previously.

It also applies to all residential mortgage and second charge products but existing restrictions continue to apply for those working within the travel, leisure and entertainment industries.

For guaranteed income such as basic or car allowance the latest two months’ payslips are required.

For regular income such as bonus, overtime and commission, the latest three months’ payslips and latest P60 showing sustainability of income over the period including during lockdown are needed..


Further changes coming

UTB will regularly announce additional elements of the Broker Summer Support Package campaign from now until September.

Buster Tolfree, commercial director for mortgages, (pictured) said it had been a difficult year for brokers and lenders.

“We want to help our broker and business partners by implementing a number of positive changes which will increase the range of options available to their clients as well as make it easier for brokers to process applications with UTB,” he said.

“We will be expanding our proposition and giving brokers greater choice while still lending responsibly.

“UTB has continued to lend throughout the pandemic and we understand the vital role brokers play in the specialist mortgage market.”

He added that by developing the range it could “help brokers place more cases, help more customers and rebuild their businesses.”


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