United Trust Bank (UTB) Mortgages has broadened its BTL criteria to make it easier for brokers to place and progress business with the lender.
These changes took effect from 20th July and are designed to remove “unnecessary barriers” as well as broaden eligibility.
Maximum mortgage terms have been increased to 30 years, and the minimum ownership period requirement removed, allowing day one remortgages.
Previous landlord experience is no longer required for HMOs (up to six beds) or MUFBs (up to four units), with the aim of making specialist BTL finance accessible to more landlords.
Maximum exposure has increased to 10 BTL loans or £3m per applicant, supporting experienced portfolio investors.
And income evidence, background portfolio information and deposit verification are now only requested where appropriate, reducing unnecessary administration and helping cases progress more efficiently.
"Whether it's reducing the information we ask for, broadening eligibility or increasing flexibility for landlords, every enhancement has been introduced with one objective — helping brokers place more BTL business with greater confidence and less administration,” said Andrew Ferguson, commercial director of mortgages, BTL and bridging at UTB (pictured above).
"Continuous improvement is part of our culture.
“We'll keep listening to broker feedback and investing in our proposition, our people and our processes to ensure we're delivering the service, flexibility and certainty brokers expect from a leading specialist lender.”
