UTB Mortgages for Intermediaries has launched a limited edition buy-to-let five-year fixed-rate loan at 6.19%, with a 4% product fee.  

The specialist bank says the move follows the introduction of an online decision-in-principle process for BTL products last month, which boosts its capacity to process applications and cuts its service level agreements for new applications and post to 24 hours.  

Its BTL offering caters for individual, portfolio, limited company special purpose vehicles and first-time landlords with specialist requirements, such as unusual property types including flats that are high rise and over commercial premises, houses in multiple occupation, multi-unit freehold properties and holiday lets.   

United Trust Bank sales director – mortgages Mike Walters says: “The BTL market is adapting to the sharp increase in the base rate and we are supporting our broker partners and landlord borrowers with new competitive products and quick turnarounds to help mitigate interest coverage ratio challenges.”  

He adds: “Until recently, the majority of BTL applications submitted to UTB were referred for a manual underwriting review, but following a successful trial, brokers are now able to see an immediate pass, fail or refer decision on the bank’s broker portal decision-in-principle results screen.  

“This new functionality, combined with existing features of the digital journey including remote ID verification and secure document upload via the UTB app, accelerates and simplifies the BTL application process and brought it in line with the journey brokers experience with the bank’s other mortgage products.”