United Trust Bank (UTB) has revealed the next set of mortgage product, criteria and technology enhancements as part of its Broker Summer Support Package campaign.
The first elements of the package launched in July to help brokers to write more business during the height of lockdown. This included the increase of maximum loan-to-value (LTV) from 65% to 75% for self-employed borrowers and incorporating 50% of regular additional income in calculations.
The latest tranche of enhancements sees the Bank launch WebChat through its broker portal, additional criteria designed to improve the process for brokers helping professional contractors and a limited edition second charge product aimed at assisting customers with historic missed payments on unsecured credit items.
WebChat for real-time broker/lender communication
The new WebChat function will allow any registered mortgage broker to submit new enquiries to the Bank online in real-time with immediate access to mandated underwriters.
The system also enables brokers to discuss existing cases and supply information to UTB which would usually be passed by phone or email.
Specified criteria for professional contractors
UTB has introduced specific mortgage lending criteria for professional contractors working in industries such as IT, healthcare, business management and other sectors where 6, 12, and 18-month contracts are common.
Previously, UTB included these types of roles within ‘self-employed’ criteria but the Bank expects this move will give brokers more clarity when advising and recommending a UTB product for professional contractors.
‘Limited Edition’ second charge product
UTB has also launched a ‘limited edition’ near-prime second charge product for customers with historic unsecured payment ‘blips’, providing that the debts concerned are consolidated in the new loan.
Further mortgage product, criteria and service technology enhancements will be revealed over the next few weeks as the #BrokerSummerSupportPackage campaign continues.
Mike Walters, sales director of property intermediaries of United Trust Bank, says: “Our aim is to help our broker partners write more business and make it easier for them to process applications with UTB.”
“We know how important choice, speed and simplicity can be when placing specialist mortgage cases so we’re constantly reviewing our lending criteria and pushing boundaries with our implementation of smart FinTech solutions.”
He adds: “Brokers are vital to the growth and success of the specialist mortgage market and we will do all we can to support them as they try to turn around a very challenging year.”