The lender has expanded dual legal representation to include non-regulated bridging cases. UTB said dual representation can reduce friction in the legal process, accelerating time-sensitive transactions.
As well as being available for regulated and unregulated bridging loans, dual representation is now available for purchases and refinances in England and Wales, loans up to £1m, individual and corporate borrowers and standard residential properties and light refurbishment projects.
Alongside this change, UTB has introduced additional flexibility across several areas of its bridging proposition.
For light refurbishment cases, works costs can be funded up to 25% of initial loan to value (LTV), subject to a maximum works budget of £200,000.
The bank has also updated its approach to corporate guarantees and enhanced its semi-commercial and mixed-use criteria, allowing cases where the residential element covers 100% of the facility, subject to vacant possession value and physical valuation requirements.
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Andrew Ferguson (pictured), commercial director for mortgages, buy to let (BTL) and bridging at UTB, said: “We’re continuing to look at every part of the bridging journey and asking ourselves how we can make it quicker, simpler and more certain for brokers and their customers.
“All of these enhancements are focused on helping brokers write and complete more business with UTB. We’re giving them more flexibility, faster routes to offer, greater confidence and the certainty they need.”
Read the latest Know Your BDM from UTB to find out more about Nick Warren, who covers London, Hertfordshire, Essex and Cambridgeshire.
