Specialist lender United Trust Bank has launched a range of first charge residential house purchase mortgage products designed for customers underserved by mainstream mortgage lenders.
There is a maximum loan-to-value (LTV) of 85%, no minimum credit score and self-employed borrowers and those with CCJs and defaults will be considered.
There are also no application fees and no LTV restrictions on property construction types and flats.
2-year fixes rates start from 3.8% while 5-year fixes start from 3.95%.
Only existing homeowners are accepted.
Buster Tolfree (pictured), commercial director – mortgages, United Trust Bank said: “The launch of our residential house purchase mortgages fills an obvious gap in our suite of products, and it signals our intent to become a specialist lender with a range of products suitable for customers in most property buying, remortgaging or capital releasing scenarios.
“As such this is an exciting move, and with this release we now cater for all four types of residential mortgage product verticals available in the UK.
“Our success to date has been borne out of listening to the market, taking note of introducer’s needs and working with them to develop great products where we see a demand for innovation, more competition or the application of our more flexible and common-sense underwriting approach.”
The products are aimed at borrowers whose circumstances do not fit the credit score led underwriting processes employed by ‘high street’ and other mainstream lenders.
ID verification will be processed through the recently launched UTB Nivo facial recognition app.
Tolfree added: “There’s still more to come from UTB over the next 12 months as we continue to expand our product range, widen our distribution and digitise the process.
“We’re looking forward to working with even more introducers by giving them greater opportunities to recommend UTB to their clients.”
United Trust Bank now offers a range of specialist mortgages for residential purchases, residential remortgages, first charge capital releasing mortgages for unencumbered borrowers and second charge loans for a variety of uses.