The firm’s changes apply to its residential mortgage and second charge loan offerings and are intended to speed up the time from application to offer.
As the first of the changes, the lender will now progress second charge applications to completion with Consent to Follow accepted when the first charge is with one of 20 listed lenders. The update is intended to overcome one of the most common delays in packaging and allows customers to complete faster without waiting for first charge consent upfront.
UTB is also now only verifying 50% of a buy-to-let (BTL) portfolio in a personal name, establishing a clearer assessment for additional BTL properties.
Super Prime, Prime Plus and Prime applicants no longer require written explanations for historical adverse, which will cut down on back and forth and speed up underwriting.
When a valuation report includes a valuation figure, UTB will now rely on the New Build Warranty certificate, removing the expense and delay of re-inspections.
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The company reduced the Accountants Certificate document from five to two pages, as well as applying alterations to bonus income assessments, its applicants in probation criteria, post-benefit affordability and Deeds of Consent and Occupiers Waivers.
Andrew Ferguson (pictured), commercial director of mortgages, BTL and bridging at UTB, said: “We’re making the things that slow brokers down disappear. These changes are all about giving brokers greater clarity, consistency and confidence from the outset – so cases move more smoothly from application through to offer.
“By reducing unnecessary packaging requirements, simplifying documentation and creating more predictable underwriting outcomes, we’re helping brokers spend less time chasing and more time progressing and originating business.”
He added: “Ultimately, it means faster journeys, better experiences for customers and a product range that works harder for the intermediaries we support every day.”
