Secure Trust Bank continues to expand its service, having signed 30 new partnerships during its first 12 months of operation.
Launched in March 2017, the bank aims to target customers who are often overlooked by high street lenders, including contract workers, the self-employed, older borrowers and those with complex incomes or experienced a credit blip.
Since launching, Secure Trust has steadily built its distribution network with the support of three new business development manager (BDM) appointments for the Northern, Central and Southern regions of the UK and the recruitment of an intermediary support team. Key partnerships include networks, mortgage clubs and specialist distributors.
“We have generated fantastic momentum since launch 12 months ago,” said Esther Morley, managing director at Secure Trust Bank Mortgages.
“The team has worked hard to build an extensive, varied network of partners, which in turn has given us a robust platform for further growth.”
She continued: “Our commitment to constantly using the feedback we receive from our partners and customers to provide the best possible service means we have been able to respond quickly to changes in the market, resulting in new products and rate changes that reflect market demand.”
These changes include rate reductions across a selection of its residential mortgage products to make them more accessible for customers wanting to purchase a home. Its two-year fixed rate has been reduced by as much as 0.4%, its three-year fixed rates by 0.2% and its five-year fixed rates by up to 0.3%.
New products, meanwhile, include a new residential interest-only and the part and part mortgage products. The interest-only proposition, launched in March this year, allows borrowers to take out mortgages up to a maximum loan-to-value (LTV) of 65%.
The part and part mortgage product is available at an LTV rate of up to 85%, subject to loan size. Customers are able to borrow up to 65% on interest-only and top up 20% on a repayment basis to take overall lending to 85% LTV.
Morley added: “Our emphasis on building a compliant, scalable business with excellent customer service over the last 12 months has put us in a good position to expand our offer to those underserved by the high street lenders in 2018.”
“We are excited about the future as we plan to expand our service with new partnerships and appointments in the coming year.”