United Trust Bank Mortgages has introduced a package of buy-to-let criteria changes aimed at helping brokers place a broader range of landlord cases.
The changes, which took effect yesterday (July 20), include longer mortgage terms, day-one remortgages and wider access to finance for landlords purchasing HMOs and multi-unit blocks.
Maximum mortgage terms have increased to 30 years, while the minimum property ownership period has been removed, enabling landlords to remortgage from the first day of ownership.
UTB has also removed its previous landlord experience requirement for HMOs with up to six bedrooms and multi-unit blocks containing up to four units.
Maximum exposure has increased to 10 buy-to-let loans or £3m per applicant, providing greater scope for experienced portfolio landlords.
SIMPLIFIED PACKAGING
The lender has also simplified its packaging requirements. Income evidence, background portfolio information and verification of deposits will now only be requested where considered appropriate.
UTB said it has introduced clearer criteria covering specialist property types and borrower circumstances, including HMOs, multi-unit blocks, holiday lets, expatriate landlords and special purpose vehicles.
Guidance surrounding gifted deposits and leasehold requirements has also been simplified to provide brokers with greater certainty and reduce avoidable delays.
“Continuous improvement is part of our culture.”
Andrew Ferguson (main picture), commercial director for mortgages, buy-to-let and bridging at United Trust Bank, said: “The specialist lending market doesn’t stand still and neither do we. At UTB, we’re always looking at every stage of the broker journey and asking one simple question – how can we make it easier for brokers to do business with us?
“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 buy-to-let business with greater confidence and less administration.
“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.”