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HomeMortgageUTB doubles maximum loan size to £2m and makes raft of criteria...

UTB doubles maximum loan size to £2m and makes raft of criteria changes



United Trust Bank (UTB) has doubled the maximum available loan size to £2m for borrowers seeking a residential first charge mortgage up to 65% loan to value (LTV).

For those in need of loans up to 75% LTV, UTB will now lend up to £1.5m, up from the previous limit of £1m. 

The lender has also increased the maximum loan size at other LTV tiers and will now lend up to £1m up to 85% LTV, and £750,000 up to 90% LTV. 

Additionally, UTB has made a number of criteria changes to assist borrower affordability. 

These include an increase to the amount of regular bonus, overtime and commission it will consider from 50% to 75%. 

It will also now consider 75% of a borrower’s annual bonus with two years’ history, up from 50% with four years’ history. 


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Further, it will accept income taken from net profit after tax and salary is drawn for limited company directors, a change from its previous policy to accept the income from drawn dividends and salary. 

For self-employed applicants, UTB will now consider borrowers on referral with 1-2 years of trading and one year of confirmed profits. Previously, it accepted those with two years of profits evidenced. 

For contractors with fewer than three months on their current contract, they will now only need a signed letter of intent from their employer for a loan up to £1m. Previously, the lender required a signed renewal letter. 

Additionally, up to 5% of a SIPP pot can be used in monthly affordability if it is being drawn; this is higher than the former cap of 3%. 

These changes are part of the lender’s ‘Get January Jumping’ campaign to help brokers place more cases and improve borrower affordability. 

Buster Tolfree (pictured), director of mortgages at UTB, said: “Having launched affordability-boosting income criteria last week, we’ve now doubled our maximum mortgage size to help brokers place bigger cases for customers with more complex incomes.

“And judging by the response we’ve had since we started our ‘Get January Jumping’ campaign, brokers are going to love these latest changes too.” 

He added: “We’ve listened to intermediaries operating all over the country, we’ve read the research revealed in our mortgages white paper, and we’ve responded with tangible action to help brokers arrange amazing deals for even more customers. And guess what? We still have a few more tricks up our sleeves.” 

This week, the lender hired Andy Thomson to the role of senior director to develop its build to rent division.





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