United Trust Bank has announced an important product update. Click here for the latest Master Broker/Packager/Distributors product guides. Or here for the updated product guides for Direct/Networks/Club. If you have any new applications you wish to discuss, please Contact us for more information.
ANNOUNCEMENTS
UTB Mortgages… Launch Product Transfers!
We recognise that the ability to complete a Product Transfer as Customer’s initial fixed rate period ends is an important feature, especially in the current economic climate.
With immediate effect, all registered Introducers can now apply for a Product Transfer on behalf of their Customers for both Residential Mortgages and Second Charge Loans, through the UTB Portal. This is an industry first for the Second Charge market.
Product Transfer Interest Rates
Available interest rates are dependent on the original customer status, LTV and application profile, and will be confirmed upon initial enquiry.
Residential Mortgages
- 0.40% proc-fee/commission
- 2yr fixed rates from 6.99%
- 5yr fixed rates from 7.09%
- £995 product fee, paid up front or added to loan
Second Charge Loans
- 1.00% proc-fee/commission
- 2yr fixed rates from 7.39%
- 5yr fixed rates from 6.79%
- £995 product fee, paid up front or added to loan
Key Criteria and Eligibility Criteria
- Customer must be within 90 days of the original product incentive/fixed rate period ending, or already be outside any applicable ERC period.
- The same product transfer rate is applied for the entire 90 day period before the original incentive/fixed rate ends, if applying after customers have reverted to a variable rate, then the new prevailing product transfer rates at that time will apply.
- Account must have no active outstanding arrears balance, and be up to date at application.
- Product fees can be added, but no increase in borrowing or further advance allowed.
- The new fixed rate period cannot be more than the remaining mortgage term.
- Proc-fee/commission will be paid one week after completion of the Product Transfer
Application Process
A new option has been added on the home screen for ‘Product Transfer Enquiry Form’. Some high-level information must be entered regarding the existing customer account which takes 1-2 minutes to complete.
Once submitted, we will then assess the Customers eligibility, and reply by email with details of the available products. After a product has been selected, we will issue a Mortgage Illustration and Offer for execution within 24hrs. After you have returned this to us, confirmation of the new product will be provided, and transfer set for the day after the current product expires
You can download our latest Residential Product Transfer Product Guide here.
If you have any questions on Product Transfers please contact a member of our Sales team directly, or via 020 7031 1551 and [email protected].