UTB launches further product and criteria enhancements

The first elements of the package, launched in July and aimed at helping brokers to write more business, included an increase in the maximum LTV from 65% to 75% for self-employed borrowers and including 50% of regular additional income in calculations.

The latest tranche of enhancements sees the Bank launch WebChat through its broker portal, additional criteria designed to improve the process for brokers helping professional contractors, and a limited edition second charge product aimed at assisting customers with historic missed payments on unsecured credit items.

The new Webchat functionality will allow any registered mortgage brokers to submit new enquiries to the Bank online in real-time with immediate access to mandated underwriters. The system also enables brokers to discuss existing cases and supply information to UTB which would usually be passed by phone or email.

UTB's new criteria is aimed at professional contractors working in industries such as IT, healthcare, business management and other sectors where six, 12, and 18-month contracts are common. Previously UTB included these types of roles within ‘self-employed’ criteria but the Bank expects this move will give brokers more clarity when advising and recommending a UTB product for professional contractors.

The ‘limited edition’ near prime second charge product is aimed at customers with historic unsecured payment ‘blips’ providing that the debts concerned are consolidated in the new loan.

Mike Walters, sales director at United Trust Bank, commented: “We’ve had a tremendously positive response from brokers to our #BrokerSummerSupportPackage. The increase of our maximum LTV for self-employed applicants certainly caused a stir in the marketplace and we’re hoping that these latest criteria and technology enhancements will be equally well received. Our aim is to help our broker partners write more business and make it easier for them to process applications with UTB. We know how important choice, speed and simplicity can be when placing specialist mortgage cases so we’re constantly reviewing our lending criteria and pushing boundaries with our implementation of smart fintech solutions.

“Brokers are vital to the growth and success of the specialist mortgage market and we will do all we can to support them as they try to turn around a very challenging year.”