United Trust Bank has launched a new near prime residential product, with a maximum 75 per cent LTV. 

This new mortgage will be available for purchases and remortgages, and on an interest only or unencumbered basis.

This maximum LTV is available on loans up to £500,000. 

As a near prime product United Bank says that when it comes to assessing unsecured credit, payment profile will be ignored if these debts are being consolidated. It will also ignore defaults and CCJs that are older than a year.

There is no minimum credit score to qualify for this product

At the same time United Trust Bank is also increasing the maximum LTVs on its residential and second charge loans to 80 per cent. 

On the residential mortgages this LTV is available on loans up to £500,000; on its second charge range this is available on loans up to £250,000.

The residential mortgage can be fixed on a two, three or five-year basis with rates starting from 4.3 per cent. 

Similar fixed-rate terms are available on the second charge loan range, with rates starting from 5.95 per cent. 

On both, United Trust Bank requires that the primary income must be employed, but again there is no minimum credit score. 

United Trust Bank commercial director Buster Tolfree  says: “Throughout this year we have released a wide range of new products, criteria and digital enhancements to help Mortgage Brokers write more business whilst still dealing with the challenges presented by Covid-19.”

He says feedback from brokers indicated they wanted an increase to maximum LTVs.