United Trust Bank has announced the launch of a new first charge mortgage product.
‘The Unencumbered Re-start Mortgage’, aimed at customers who own their property outright, has no minimum credit score as part of its criteria, making it available for would-be borrowers with no current mortgage history and a resultant low credit score.
The product, which is set at 75 per cent LTV, is available as a tracker mortgage product at 4.4 per cent and a five-year fix at 6 per cent.
The offering has a maximum loan value of £250,000, no application fee and includes automated valuations.
In addition, the product has a maximum age of 85 and comes with a 1 per cent procuration fee.
The new product is available through United Trust Bank’s master broker panel and strategic packager partners.
United Trust Bank commercial director Buster Tolfree comments: “UTB continues to develop and bring to market mortgage products which cater for customers whose specialist needs are not being met by the one size fits all approach taken by many other lenders.”