EXCLUSIVE: UTB refreshes second charge range with rate cuts and revamped AVM criteria

The rate reductions apply to two, three and five-year fixed rates for prime and near prime applicants with rates typically reduced by at least 0.5% to 1% depending on status and LTV. UTB borrowers can now benefit from second charge interest rates starting from 3.85%.

UTB estimates that as well as being cheaper, cases using AVMs complete on average seven days faster than those using a physical valuation.

The refreshed AVM criteria will be incorporated into UTB’s new online automated underwrite and DiP process available through the Mortgage Portal where brokers can receive an instant pass, decline or refer decision 24 hours a day following a four minute application.

Pipeline cases have been reviewed for AVM eligibility and customers contacted if they no longer require a physical valuation.

UTB believes it will be able to roughly double the number of AVMs it is able to complete compared to using physical valuations.

Mike Walters, sales director at United Trust Bank, commented: “UTB has been a leading light in second charges since we first entered the market in 2015. One of the secrets of our success is our enthusiasm to talk to brokers, gain their insight and evolve our offering to ensure it continues to meet their and their customers’ needs.

"Brokers expect to see market leading rates, flexible criteria and a quick and simple application journey delivered through smart technology and skilled, knowledgeable people. This refresh will keep UTB at the top of broker’s consideration lists for second charge mortgages and signals our intent to continue supporting the broker community with a competitive and innovative specialist mortgage offering which meets the demands of customers underserved by mainstream lenders. This is the first of many exciting product and service enhancements you’ll see from UTB Mortgages this year.”