United Trust Bank (UTB) has announced it is launching new criteria for professional contractors, a new web chat service through its broker portal, and a “limited edition” second charge product.

The changes are part of several enhancements that the lender suggested are aimed at getting the mortgage industry “back open for business”.

UTB has introduced specific mortgage lending criteria for professional contractors working in industries such as IT, healthcare, business management and other sectors, where six, 12, and 18-month contracts are common. Previously, the lender included these types of roles within ‘self-employed’ criteria but said it expects this move will give brokers more clarity when advising.

The lender also revealed the web chat functionality within its existing broker portal will allow any registered mortgage brokers to submit new enquiries to the bank online in real-time, with immediate access to mandated underwriters. The system will also enables brokers to discuss existing cases and supply information to UTB which would usually be passed by phone or email.

UTB’s new second charge product is for customers with historic unsecured payment blips, providing that the debts concerned are consolidated in the new loan.

UTB sales director – property intermediaries, Mike Walters, commented: “Our aim is to help our broker partners write more business and make it easier for them to process applications with UTB.

“We know how important choice, speed and simplicity can be when placing specialist mortgage cases so we’re constantly reviewing our lending criteria and pushing boundaries with our implementation of smart fintech solutions.

“Brokers are vital to the growth and success of the specialist mortgage market and we will do all we can to support them as they try to turn around a very challenging year.”

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