United Trust Bank (UTB) has launched a first-charge mortgage for borrowers who own their property outright and are looking to release equity.
The product has no minimum credit score in its underwriting criteria and does not require legal representation for the borrower.
The lender noted that customers without a current mortgage history often have a low credit score as a result.
It added automated valuations and non requirement of borrower legal representation is designed to enable swift underwriting and processing and a quick and easy customer journey.
The product is available at up to £250,000, with a maximum loan to value (LTV) of 75% and can be accessed through UTB’s master broker and strategic partner panel firms.
The mortgage offers a one per cent procuration fee.
Other key features include: no lender application fee; various construction types accepted; maximum age 85; lifetime Bank of England trackers from +4.4% and five-year fixed rates from 6%;
UTB commercial director – mortgages, Buster Tolfree said the bank was continuing to develop mortgage products which catered for customers whose specialist needs were not being met elsewhere.
“We listen to introducers, identify opportunities and design products which offer great value and a quick, straightforward, hassle-free experience backed by common sense lending decisions,” he said.
“This is going to be a very exciting year in the development of UTB’s mortgage business and I’m looking forward to revealing more of our plans as we progress through 2019.”
Owain Thomas is features and contributing editor of Mortgage Solutions and editor of Specialist Lending Solutions.
He also has experience in the protection, pensions, workplace benefits and HR areas.
Owain has won two Headline Money Awards and the Protection Review’s Journalist of the Year award.