United Trust Bank (UTB) has increased its maximum residential first charge mortgage size to £750,000 with immediate effect.
The move is the final enhancement to be announced by the specialist mortgage lender as part of its Broker Summer Support Package 2021.
It follows the introduction of a new document upload system, online decision in principle (DIP) and automatic-underwriting system which provides brokers with point-of-sale real-time decisioning available within five minutes.
UTB provides residential mortgages and second charge loans to customers with more complex circumstances, credit histories or requirements which often don’t fit the strict criteria of mainstream lenders.
“We’ve seen increasing demand for larger mortgage sizes catering for customers with circumstances which don’t fit the High Street’s restrictive credit criteria,” UTB mortgages director, Buster Tolfree, commented.
“This increase to a £750,000 maximum loan size demonstrates the confidence we have in our more pragmatic approach to underwriting which is about looking at a customer’s overall situation rather than dismissing them for a blip or two on their credit history.
“This increase, together with our recent introduction of online DIPs and auto-underwriting, will further help brokers to place and complete more complex cases quickly and successfully.”
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