Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
UTB Enhances Buy-to-Let Criteria for Greater Landlord Flexibility
United Trust Bank (UTB) Mortgages has announced a series of enhancements to its buy-to-let (BTL) lending criteria. The changes are designed to provide more flexibility for landlords and make it easier for brokers to place and progress business.
Key updates include an increase in the maximum mortgage term to 30 years and the removal of the minimum ownership period, allowing for day one remortgages. UTB has also removed the requirement for previous landlord experience for houses in multiple occupation (HMOs) up to six beds and multi-unit blocks (MUBs) up to four units. This makes specialist BTL finance accessible to a wider range of landlords.
For experienced portfolio investors, UTB has increased its maximum exposure to 10 BTLs or £3 million per applicant. The lender has also simplified packaging requirements, so that income evidence, background portfolio information, and deposit verification are now only requested where appropriate.
The enhancements introduce clearer criteria for specialist property types, including HMOs, MUBs, holiday lets, expatriate landlords, and special purpose vehicles (SPVs). UTB has also issued simplified guidance on gifted deposits and leasehold requirements, aiming to give brokers greater certainty and help reduce avoidable delays.
These changes are relevant for letting agents and inventory clerks working with landlords who may benefit from the expanded criteria and streamlined processes.
Source: Mortgage Solutions