United Trust Bank (UTB) has launched product transfer options for its residential mortgages and second charge loans. The bank is offering procuration fees of 0.4% for residential mortgages and 1% for second charge loans.
Interest rates for product transfers will depend on the customer’s initial status and LTV, with details provided upon enquiry. Residential mortgage rates begin at 6.99% for 2-year fixes and 7.09% for 5-year fixes, with a £995 product fee. Second charge loans start at 7.39% for 2-year fixes and 6.79% for 5-year fixes, also with a £995 product fee.
UTB has streamlined the application process for product transfers through the UTB Portal, where registered introducers can submit enquiries. Following submission, UTB will review the customer’s eligibility and respond with available product options. Once a product is chosen, UTB will issue a mortgage illustration and offer, with the transfer set for the day after the current product expires.
Buster Tolfree, director of mortgages at UTB, said: “We are delighted to launch these new product transfer options for UTB customers, especially our industry first Second Charge product transfer… the commissions we’re paying on product transfers are very much at the upper end of the market.”
