UTB makes sweeping improvements to BTL criteria
United Trust Bank (UTB) Mortgages has enhanced its buy-to-let (BTL) criteria to provide greater flexibility for landlords and make it even easier for brokers to place and progress business.
To give property investors more flexibility, the lender has increased its maximum mortgage term to 30 years and removed its period of minimum ownership to allow day one remortgages.
Previous landlord experience is no longer required for houses in multiple occupation (HMOs) up to six beds or multi-unit blocks (MUBs) up to four units, making specialist BTL finance accessible to more landlords.
In support of experienced portfolio investors, the lender has also increased its maximum exposure to 10 BTLs or £3m per applicant.
Meanwhile, packaging requirements have been simplified so that income evidence, background portfolio information and deposit verification are now only requested where appropriate.
The enhancements also introduce clearer criteria across specialist property types including HMOs, MUBs, holiday lets, expatriate landlords and special purpose vehicles (SPVs). The lender has also issued simplified guidance around gifted deposits and leasehold requirements, giving brokers greater certainty when placing cases and helping reduce avoidable delays.
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Andrew Ferguson (pictured), commercial director for mortgages, BTL and bridging at UTB, said: “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.”
