United Trust Bank makes key bridging enhancements
United Trust Bank has introduced a range of enhancements to its Bridging offering to increase the speed and simplicity of applications, lowering the costs for borrowers and making bridging finance even more accessible to a wider range of customers.
The key changes are:
Increasing the use of automated valuations (AVMs) for loans of up to £1m that are below 55% LTV (with a maximum value of £1m per security property)
Increasing the availability of dual legal representation for regulated loans of up to £1m
A new 75% LTV price band for first charges at a rate of 0.75% per month.
These changes have been rolled-out to the wider market following a pilot phase that was extremely well received.
Gavin Diamond, commercial director – bridging, commented:
“These are significant enhancements to our bridging products and service offering which we hope will keep UTB very much at the top of brokers’ consideration lists when placing regulated and unregulated bridging loans. Our BDMs are talking to brokers up and down the country, finding out what would enable them to build their businesses and meet borrowers’ needs. Such feedback is invaluable in helping us to continually improve and refine what we do as we ensure our specialist short term loans continue to meet the changing needs of brokers and borrowers.
“The first half of 2019 has been very busy at UTB with considerable demand for short term property finance. With these enhancements to our bridging offering, we look forward to speaking to even more brokers and serving more borrowers in the future.”