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UX Mortgages and Tiuta launch combined bridge and remortgage

UX Mortgages and bridging loan provider, Tiuta, have launched a combined bridge and mortgage product with a single application and underwriting process.

The providers say Dual is the first product to combine these two elements and guarantee the debt from the short-term bridging loan will be transferred onto a mortgage as a longer-term finance option.

The product has been designed for professional investors who need immediate finance to capitalise on buying opportunities, but who want the security of knowing that they will be approved for a mortgage in the long term.

Dual offers up to 85% LTV mortgages and accepts unlimited builder gifted deposits, so that in many instances applicants can obtain more than 100% finance on their buy-to-let purchases.

Only 75% rental coverage is required.

A decision in principle will be given on the same day, with drawdown of funds available within 24 hours.

If the bridging loan is required for more than a month, interest is only payable on a day-by-day basis.

Arrangement fees are equivalent to around 2% of the loan amount and up to 1% proc fees are available for brokers and packagers.

Randeesh Sandhu, managing director ofUX Mortgages, says: “Professional investors need speed and efficiency from a lender in order to capitalise on buying opportunities.

“Dual offers investors the peace of mind of a guaranteed mortgage and it could potentially save purchasers thousands of pounds in interest compared with the traditional bridging model with two separate institutions with separate criteria and underwriting.”

Gary Booth, director of Tiuta, says: “This is a great opportunity for mortgage brokers to earn two sets of commission for essentially completing one application process.

“The two loans are underwritten together and once the bridging loan is approved, the buy-to-let mortgage is also guaranteed, which means no further applications need to be submitted.

“This will save a huge amount of time for both brokers and their clients.

“Dual offers a genuine marketing opportunity for brokers, and a wealth building opportunity for their clients.”

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