United Trust Bank increases fast track and AVM limits

The changes will increase the specialist lender’s offerings for professional property developers and investors.

The increased maximum loan size is expected to substantially increase the volume of cases brokers can now run through fast track, which when combined with Hometrack AVMs can give brokers instant pass/fail indications and allow them to produce their own terms and Decisions in Principle (DiPs) in minutes, 24 hours a day.

The following changes have been made with immediate effect:

Fast Track

UTB has increased the maximum LTV from 60 per cent to 65 per cent.

The maximum loan for fast track has been upped from £750k net to £1m net.

UTB launched its self-serve fast track service in 2020, aimed at automating and simplifying the underwriting process to give instant pass/fail indicators for straightforward regulated and non-regulated bridging applications.

Brokers are able to create their own terms, DIPs and ESIS using UTB’s self-service broker portal, or by ringing the in-house team. Fast track also uses biometric ID verification, automated valuation models (AVMs), and dual legal presentation to progress the application to offer and drawdown as fast as possible.

Hometrack AVM

The maximum LTV has increased from 60 per cent to 65 per cent.

The maximum individual property value has doubled from £1m to £2m.

The maximum loan qualifying for Hometrack AVM remains unchanged at £1m net.

Hometrack AVM searches can be performed 24 hours a day to obtain an instant pass or fail indication, as well as an accurate valuation at the point of submitting the enquiry to UTB.

Owen Bentley, head of sales – bridging, United Trust Bank (pictured), said: “We are turning our attention to growing our share of the non-regulated sector.

“Non-regulated loans tend to be bigger and at higher LTVs so these enhancements to Fast Track and Hometrack AVM criteria give brokers greater scope to consider UTB for their professional clients.

“This is the first of several criteria, product and process changes we will be announcing over the next few weeks to provide more competitive non-regulated and regulated bridging loans.”