United Trust Bank has launched an interest-only residential mortgage range.
The launch comes as part of the ‘#BrokerSummerSupportPackage’, according to the firm.
Key features of the range include a maximum 75% loan-to-value (LTV), and a maximum 70% LTV if the customer is downsizing.
Financial implication of lockdown
The offerings are available at two and 5-year fixed rates, with no ERCs.
The affordability assessment is based on interest-only monthly repayments, and the products are available for both purchase and remortgage.
In addition, there is no minimum credit score, flexibility on property construction types and multiple repayment vehicles are accepted.
Buster Tolfree, commercial director of Mortgages at United Trust Bank, said: “Within this ‘interest only’ residential mortgage product range, we believe we have created a compelling offer for those borrowers who may not fit the strict tick-box approach of many mainstream lenders.
“Our common sense underwriting approach, pragmatic and rounded way of assessing borrower profiles and their security properties has made UTB an increasingly popular choice amongst specialist mortgage intermediaries and given additional options to those who may have found their choice of lenders somewhat restricted of late.”