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 Expands Bridging Finance with New Product Ranges and Refurbishment Options
United Trust Bank (UTB) has expanded its bridging finance proposition, introducing refreshed standard and near prime product ranges. The lender has also reintroduced heavy refurbishment finance, aiming to improve flexibility for intermediaries.
According to Mortgage Solutions, the new standard and near prime ranges are now available across both regulated and non-regulated bridging finance. These products cover core bridging, second charge, re-bridge, and light, medium, and heavy refurbishment options. The changes are designed to offer greater flexibility, particularly for borrowers with historical credit issues.
Heavy refurbishment finance has been specifically reintroduced for non-regulated bridging cases. UTB stated that these enhancements were made in response to broker feedback, with the goal of supporting a wider range of property projects and customer circumstances.
For letting agents and inventory clerks, the expanded product range may provide more options for clients undertaking property refurbishment or seeking bridging finance for various purposes. The inclusion of near prime products could also assist clients who do not meet standard lending criteria.
Source: Mortgage Solutions