United 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.”