Specialist lender United Trust Bank has launched a range of 90% loan-to-value second charge mortgages.
These products are sold as two-, three- and five-year fixes and are available exclusively through the mortgage packagers in its premier club.
The 90% LTV only comes on a five-year fix, starting at 9.99%, with loan sizes ranging from from £30,000 to £100,000.
Second charges up to 85% LTV are available at various terms, with rates for a five-year fix at 85% LTV coming in at 8.99%, for loans from ranging £10,000 to £500,000.
The lender says these higher LTV second charge loans give customers flexibility to unlock equity in their homes without having to change their first charge mortgage.
Loans can be used for a variety of purposes including home improvements, debt consolidation to purchase another property or asset and tax bills or school fees.
UTB offers flexible criteria to suit a wide range of customers, including those with complex or self-employed income streams and an impaired credit history.
These second charge mortgages can be used across a range of properties, including non-standard construction types and those in unfavoured locations, such as high rise apartments and those near commercial properties.
UTB director of mortgages Buster Tolfree says: “Our new 90% LTV seconds range is a new benefit for Premier Club members and the brokers who use them to support their specialist mortgage applications.
“With access to preferential rates, criteria and features, brokers can get even better deals and place difficult cases for their customers whilst benefitting from the experience and know-how of packagers who understand specialist mortgages.”
