UTB rejigs buy-to-let property classifications

The lender said that several property types have been moved into the standard categories, so it now caters for all single dwelling houses and flats. This covers those situated near commercial premises, high rise apartments and those with non-standard construction, meaning they are eligible for rates up to 2.35 percentage points lower than previously.

The specialist range will now include all houses in multiple occupation (HMO) and multi-unit blocks (MUB), up to 10 lettable rooms or units. Large HMOs and MUBs were previously placed in the non-standard range, meaning potential savings of up to 1.45 percentage points. 

Brokers who believe pipeline cases may be positively affected by the changes have been urged to contact UTB to see whether they can be reclassified.

The category changes come after the lender announced that it will now accept passing rent figures declared by landlords up to a maximum of 10 per cent over the rent verified by a valuer.

Caroline Mirakian, sales and marketing director of mortgages at United Trust Bank, said the lender was “pulling out all stops” to support brokers and landlords, making the product categories simpler to understand and in many cases cheaper.

She added: “This is going to make a huge difference to new landlords and those about to move off low fixed rates. This move, combined with our recently announced flexible approach to passing rent, is another great reason why brokers should come to UTB when placing a specialist BTL deal.”