United Trust Bank (UTB) has announced it is refreshing its second charge product range with interest rate reductions across several products and new automated valuation model (AVM) criteria.
The specialist bank believes the move will roughly double the number of AVMs it will be able to complete.
UTB was one of the first specialist mortgage lenders to adopt the use of AVMs and estimates that as well as being cheaper, cases using AVMs complete seven days faster on average compared to those using a physical valuation.
As part of the product refresh, UTB will now offer second charge loans available to £500,000 and 85% LTV, with interest rates available from 3.85% for prime borrowers and 5.05% for near prime borrowers. AVMs will be available for loan sizes up to £250,000 at 70% LTV, £100,000 at 75% LTV, and £25,000 at 80% LTV.
The refreshed criteria will be incorporated into UTB’s new online automated underwrite and decision in principle (DiP) process available through the socialist bank’s mortgage portal.
UTB sales director – mortgages, Mike Walters, commented: “Brokers expect to see market leading rates, flexible criteria and a quick and simple application journey delivered through smart technology and skilled, knowledgeable people.
“This refresh will keep UTB at the top of broker’s consideration lists for second charge mortgages and signals our intent to continue supporting the broker community with a competitive and innovative specialist mortgage offering which meets the demands of customers underserved by mainstream lenders.”
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