The higher LTI ratio will apply to applications up to £1m and under 85% loan to value (LTV).
Across the rate reductions, UTB’s prime plus Bank of England (BoE) lifetime tracker mortgage from 2.19% above base rate is currently priced from 5.54% for a two-year fix, 5.69% for a three-year fix, 5.79% for a five-year fix and 6.89% for a five-year fix with no early repayment charge (ERC).
Within its prime range, the BoE lifetime tracker from 2.34% above the base rate is priced from 5.99% for a two-year fix, 5.94% for a three-year fix, 5.44% for a five-year fix and 7.54% for an ERC-free five-year fix.
Within its near prime range, the corresponding rates are 6.89%, 6.84%, 6.84% and 7.94% respectively.
Buster Tolfree, director of mortgages at UTB, said: “This combination of even lower, more competitive rates and the higher maximum LTI allows us to do more to support brokers and their customers. There isn’t a lot of good financial news around at the moment, and so this move will be welcomed by brokers trying to place specialist cases at the upper end of LTIs and affordability and can be applied to larger loans too.
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“We’ve had a busy first quarter at UTB Mortgages, boosted by our 95% LTV range and £2m max loan size launched at the start of the year. We will continue to support the specialist market with keen rates and competitive criteria and stay on course for a year of record growth in mortgage lending.”
MT Finance ups maximum LTV on AVM transactions
MT Finance has increased the maximum LTV limit on automated valuation model (AVM) transactions from 60% to 65%.
The lender said this would provide more flexibility and access to funding while maintaining its commitment to responsible lending.
The higher LTV will apply to regulated and unregulated bridging applications on standard residential properties.
Gareth Lewis, managing director of MT Finance, said: “We’re pleased to announce this increase to our maximum LTV on AVM valuations. This enhancement reflects our ongoing efforts to streamline the application process and provide our broker partners with more competitive and accessible financing solutions for their clients.
“By increasing the LTV to 65%, we’re giving our clients greater borrowing capacity to support them in achieving their property goals efficiently.”
