United Trust Bank Mortgages has doubled the maximum loan size available to customers wishing to obtain a residential first charge mortgage up to 65% LTV to £2m.
Also, customers wishing to borrow up to 75% LTV can now borrow up to £1.5m, an increase from the previous maximum of £1m.
The latest move, part of the specialist lender’s ‘Get January Jumping’ campaign, follows a raft of income criteria changes designed to boost borrower affordability and help brokers place more cases.
In addition to the maximum loan changes already mentioned on residential first charges for purchase or remortgage, UTB is offering up up to 85% LTV – with a £1m max; and up to 90% LTV with a £750,000 max
Income criteria enhancements to boost affordability include 75% of regular bonus, overtime and commission considered (was 50%).
Also, 75% of annual bonus with two years history (was 50% with four years history).
Limited company directors income taken from net profit after tax and salary drawn ( previously taken from drawn dividends and salary).
Self-employed applicants now considered on referral with one to two years trading and one year confirmed profits – it was two years of profits evidenced.
Contractors with less than three months on their current contract only require a signed letter of intent from their employer (for maximum £1m loan). They previously needed signed renewal letter.
And up to 5% of SIPP pot can be used in monthly affordability if being drawn – previously capped at 3% of pot
Commenting on the changes UTB director of mortgages Buster Tolfree said: “Having launched affordability boosting income criteria last week we’ve now doubled our maximum mortgage size to help brokers place bigger cases for customers with more complex incomes. And judging by the response we’ve had since we started our ‘Get January Jumping’ campaign, brokers are going to love these latest changes too.”
