Even more borrowers will now benefit from UCB's flexible features, including overpayments, underpayments, payment holidays and drawdowns. These features can help borrowers fit their mortgage around their lifestyle. For example, borrowers can overpay each month and redeem their mortgage early or even stop payments for a set period if they want to ease their financial burden. The flexible features are available on flexible tracker, fixed rate and buy-to-let products.
Homebuyers will now be able to obtain a Homebuyer Valuation Report in addition to the standard mortgage valuation report. This is an option which provides customers with more in-depth information on the state of repair and condition of the property, together with an opinion of its open market value. Fees for the Homebuyer Valuation Report vary according to property value.
A flexible advance facility will be made available on all flexible tracker mortgages, which enables borrowers to draw on additional funds, up to a pre-arranged limit, within 3 years of taking out the mortgage. The flexible advance replaces the current credit reserve.
Borrowers will now be able to choose a mixture of fixed and tracker rates within a single mortgage, thereby balancing their exposure to rate changes.
Borrowers will now be able to secure a fixed or tracker rate mortgage, by paying a £75 reservation fee at the time of application. This means that borrowers will not miss out on the rate they want even if interest rates change.
Charles Reed, UCB Home Loans managing director, says: “We have listened to our customers and taken this opportunity to enhance our products by making them more flexible and more user-friendly. The flexible features will be particularly beneficial to buy-to-let investors, who may choose to access the drawdown facility when they incur maintenance costs.
“Our exceptional financial results show that there has been an increase in the amount of self-cert and buy-to-let mortgage business that we have conducted this year, but the systems we have put in place have enabled us to still deliver excellent service. Our key targets such as providing the majority of offers with ten days, for example, have been maintained throughout the year.”