United Trust Bank has increased the maximum loan size on its second charge mortgages from £250,000 to £400,000.
The specialist bank offers second charge mortgages from £10,000 to £400,000 on a lifetime Bank of England (BoE) tracker basis or five-year fixed rate reverting to a BoE tracker after the fixed period.
United Trust Bank offers terms from 36 to 300 months, with no early repayments charges and no minimum credit score.
Buster Tolfree, commercial director of mortgages at United Trust Bank (pictured above), said that UTB had played a leading role in the development and growth of the second charge market under the post-MCD, MCoB framework.
“UTB’s products are designed with a consumer-first approach, which allows the bank’s panel of introducers to give their customers greater choice in underserved market sectors.
“We’ve taken on board feedback from brokers, who tell us there’s a considerable demand for higher-value second charge mortgages and a lack of lender choice, especially for customers who don’t necessarily fit standard underwriting or have a more unusual type of security property.
“We’ve responded by making this substantial increase to our maximum loan size, which is yet another step in UTB’s continuous process of product development, improvement and innovation.”
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