UTB Mortgages lowers rates across residential range

United Trust Bank (UTB) Mortgages for Intermediaries has introduced significant rate reductions as part of a refresh of its entire first and second charge residential mortgage range.

In addition to lower interest rates, starting from just 5.99%, the specialist lender has restructured its credit criteria with new acceptable adverse rules across its entire range.

UTB Mortgages’ new criteria categories include: Prime-Plus (previously 0-Status), Prime (previously 1-Status) and Near-Prime (previously 2-Status).

Product options are available up to 85% loan-to-value (LTV) with a maximum loan size of £1m.

In addition, lower rates have been applied across all products, criteria and fixed terms available.

Some of the new first charge residential interest rates include Bank of England (BoE) Lifetime Trackers from +2.19%, 2-year fixes from 6.44%, 3-year fixes from 6.39% and 5-year fixes from 5.99%.

Additional first charge residential range highlights include interest only up to 75% LTV and Mortgages Prisoners 60% LTV options, as well as unencumbered 70% LTV with a 0.5% loading.

UTB’s new second charge residential interest rates include BoE Lifetime Trackers from +3.24%, 2-year fixes from 7.29%, 3-year fixes from 7.19% and 5-year fixes from 6.59%.

Buster Tolfree, director of mortgages at United Trust Bank, said: “The mortgage market is a dynamic place to hang out and we understand how important it is to respond to changes quickly, especially when brokers at the coalface tell us that with a few straightforward alterations to our criteria they may be able to introduce a lot more customers.

“Our new and revised criteria, combined with rate reductions across our entire residential mortgage product range, give brokers an even more compelling reason to talk to us about any specialist mortgage applications.

“Our willingness to lend on non-standard property types in unfavoured locations and to customers with complex incomes and historic payment blips means we’ll take a view on even the most challenging of cases.”