United Trust Bank increases loan amount on second charge mortgages

Home-House-Monopoly-Money-Property-700x450.jpgUnited Trust Bank has almost doubled the amount it will lend on a second charge mortgage.

The maximum loan has been increased from £250,000 to £400,000 with immediate effect.

The loans are available either as a lifetime tracker or as a five-year fix, which reverts to this Bank of England tracker after the fixed-rate period.

Terms can be arranged from 26 to 300 months, with no early repayment charges. These second charge mortgages are individually underwritten, with no minimum credit score.

United Trust Bank commercial director of mortgages Buster Tolfree says: “We’ve taken on board feedback from brokers who tell us there’s 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 property.”

Recommended

Lynda Blackwell FCA
1

High fees are tarnishing second charge, warns Blackwell

Second charge mortgage lenders should to do more to tackle the high fees levied by some master brokers who have a “stranglehold” on the market, former FCA mortgage sector manager Lynda Blackwell has warned. Speaking on the LM Experience podcast in response to a question put forward by Mortgage Strategy, Blackwell warns that the percentage fees […]

West One alters income requirements on second charge BTL

West One has introduced extra flexibility in its affordability assessment for second charge buy-to-let loans as it will now allow other income sources beyond rental payments to be taken into account Borrowers whose rental income covers 100 per cent of the combined mortgage and second charge loan repayment are eligible to be considered for the […]

When will lenders get to grips with short-term lets?

As internet-fuelled short-term letting gains popularity, will lenders get on board with ‘Airbnb mortgages’ or risk having their rules broken by thousands of customers? The Airbnb revolution is upon us, but many brokers say mortgage lenders have yet to get to grips with the rising popularity of internet-fuelled short-term letting. In recent years, many banks […]

Newsletter

News and expert analysis straight to your inbox

Sign up