LoansJun 13 2018

United Trust increases mortgages maximum loan size

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
United Trust increases mortgages maximum loan size

United Trust Bank (UTB) has increased its maximum loan size to £400,000 for second charge mortgages.

Borrowers can now get a loan from £250,000 to £400,000 for a second charge mortgage with immediate effect.

Terms can be arranged from 36 to 300 months, with no early repayment charges and no minimum credit score.

Customer applications are individually underwritten, with loans available for a range of purposes.

Buster Tolfree, commercial director of mortgages at United Trust Bank, said: "We have taken onboard feedback from brokers who tell us there is a considerable demand for higher value second charge mortgages and a lack of lender choice, especially for customers who don’t necessarily fit standard underwriting or have a more unusual type of security property.

"We have responded by making this substantial increase to our maximum loan size which is yet another step in UTB’s continuous process of product development, improvement and innovation.”

The lender also offers second charge mortgages from £10,000 to £400,000 on a lifetime Bank of England tracker basis or five-year fixed rate reverting to a Bank of England tracker after the fixed period.

Martin Stewart, founder of London Money, said: "Any positive change in criteria will always be welcomed by brokers.

"We are seeing an upturn for second charge lending at London Money Loans. With the onset of further regulatory changes in the first charge world and the increasing number of ‘mortgage prisoners’ I think the second charge lending sector is set for some stellar growth.”

aamina.zafar@ft.com