The move is the final enhancement to be announced by the specialist mortgage lender as part of its Broker Summer Support Package 2021.
It also follows the introduction of a new document upload system, online decision in principle (DIP) and automatic underwriting system which provides brokers with point-of-sale real-time decisioning.
Highlights of UTB’s first charge mortgage range for purchase and remortgage plans includes 0-status loans, up to 85% loan-to-value (LTV) and 2, 3 and 5-year fixed rates from 3.80%.
First-time buyers are also accepted and the maximum loan-to-income (LTI) is 4.50 on loans over £500,000.
For interest only plans, it includes 0-Status loans and a maximum 70% LTV for downsize and 75% LTV all other repayment vehicles.
2, 3 and 5-year fixed rates are also available from 3.80%, affordability is assessed purely on interest-only payments, a minimum of £50,000 annual income is required and a maximum 4.50 LTI on loans over £500,000.
Buster Tolfree, director of mortgages at United Trust Bank, said: “We’ve seen increasing demand for larger mortgage sizes catering for customers with circumstances which don’t fit the High Street’s restrictive credit criteria.
“This increase to a £750,000 maximum loan size demonstrates the confidence we have in our more pragmatic approach to underwriting which is about looking at a customer’s overall situation rather than dismissing them for a blip or two on their credit history.
“This increase, together with our recent introduction of online DIPs and auto-underwriting, will further help brokers to place and complete more complex cases quickly and successfully.”
