United Trust Bank (UTB) Mortgages for Intermediaries has revamped its buy-to-let product range, simplifying options for brokers and reducing interest rates for many borrowers. The updated product offerings became effective on 10th October 2023.
The lender has reorganised its standard, specialist, and non-standard product categories. As a result, several property types have been moved into the standard category, qualifying for interest rates up to “2.35% pa lower than previously,” according to UTB.
The standard range now includes all single dwelling houses and flats, even those near commercial premises or of non-standard construction. Customers owning these properties can now secure significantly lower interest rates.
The specialist range now encompasses all houses in multiple occupation (HMOs) and multi-unit blocks (MUBs) with up to 10 lettable rooms or units. Landlords with larger properties, especially those with 7-10 rooms or units, can now benefit from “savings of up to 1.45%.”
The non-standard range is now exclusive to holiday lets and similar short-term rental properties.
Brokers are urged to contact UTB if they believe these changes may positively impact their pipeline cases. This restructuring follows UTB’s recent announcement that it will now accept passing rent figures declared by landlords “up to a maximum of 10% over the rent verified by a valuer.”
Caroline Mirakian (pictured), sales and marketing director for mortgages at United Trust Bank, said: “We’re pulling out all the stops to support our brokers and their landlord customers.”
She added: “This is going to make a huge difference to new landlords and those about to move off low fixed rates.”
