United Trust Bank launches new BTL 5-year fixed rate at 6.19%
08 December 2022
UTB Mortgages for Intermediaries has followed up introducing its online DIP process for Buy-to-Let (BTL) products by launching a new ‘limited edition’ BTL 5-year fixed rate mortgage at 6.19% with a 4% product fee.
Switching on the online DIP process for BTL products has enabled the specialist lender to increase capacity for new BTL applications and reduce its SLA for new applications and post to 24 hours.
Mike Walters, Sales Director – Mortgages, United Trust Bank commented: “The BTL market is adapting to the sharp increase in the Base Rate and we are supporting our broker partners and landlord borrowers with new competitive products and quick turnarounds to help mitigate interest coverage ratio (ICR) challenges.
“Brokers have been very positive about our BTL offering which caters for individual, portfolio, limited company SPV and first-time landlords with specialist requirements such as unusual property types including flats that are high rise and over commercial premises, HMOs, multi unit freehold properties and holiday lets. Our recent broker portal enhancements have enabled us to welcome many new landlord customers to UTB and we are sure this attractive fix will encourage even more.”
Until recently, the majority of BTL applications submitted to UTB were referred for a manual underwriting review, but following a successful trial, brokers are now able to see an immediate pass, fail or refer decision on the Bank’s broker portal DIP results screen.
This new functionality, combined with existing features of the digital journey including remote ID verification and secure document upload via the UTB app, accelerates and simplifies the BTL application process and brought it in line with the journey brokers experience with the Bank’s other mortgage products.
Brokers can register to use UTB’s services at www.utbankmortgages.co.uk
