United Trust Bank (UTB) has restructured its BTL product range to simplify the choice for brokers and offer lower pricing.
The bank has redefined how different properties fit within its standard, specialist and non-standard product categories, with several types being move into the standard range.
Following the changes, the BTL standard range will now cater for all single dwelling houses and flats — including properties situated near commercial premises, high-rise apartments or properties of non-standard construction.
Meanwhile, the specialist suite will now cover all HMOs and MUBs up to 10 lettable rooms or units.
The non-standard range will now cater exclusively for holiday lets and other similar short-term lettings.
The changes will take effect from 10th October.
Caroline Mirakian, sales and marketing director for mortgages at UTB (pictured above), said: “We’re pulling out all the stops to support our brokers and their landlord customers.
“We have restructured our BTL product categories to make them simpler to understand, simpler to apply for and, for many property types, cheaper too.
“Properties once classified as non-standard which now qualify for our standard pricing can access rates up to 235 bps per annum lower than previously — this is going to make a huge difference to new landlords and those about to move off low fixed rates.
“This move, combined with our recently announced flexible approach to passing rent, is another great reason why brokers should come to UTB when placing a specialist BTL deal.”
UTB’s BTL range restructure follows the bank’s decision to accept passing rent figures declared by landlords up to a maximum of 10% over the rent verified by a valuer.
