Compare Criteria

United Trust Bank

Mortgage Type

Residential

Property Value (min)

£90,000 for core products £75,000 at 60% LTV for 3mc exclusives

Advance (min)

£25,000

Advance (max)

£500,000 up to max LTV
£500,000 up to 85% LTV on purchases.
£250,000 if property is unencumbered

Term (Max)

30 years

Minimum Age

18 years

Maximum Age

85 years at the end of the mortgage term

Family Cash Gift Deposit

Yes, no vendor deposits

Family Gift of Equity Deposit

Yes - but if a gift of equity is to be used, then the applicant must have at least 15% deposit based upon the loan amount. So if £100,000 is the total loan amount, the applicant must be able to put in £15,000. The value of the property will be based on FMV minus the gifted deposit amount - the total will act as the LTV - 85% LTV maximum.

Income (min)

Minimum Primary Applicant Income – £15,000 pa
Max DTI – 40%
Max LTI – 4.50 up to max LTV, however, 6.00 to 60% LTV product range

Let to Buy (Turning Residential into Buy to Let)

No, not considered.

Ex-Local Authority Properties

Yes, accepted.

Minimum Ownership

12 months mortgage history, 6 months in current – however, refer if slightly under these parameters.
Applicants will be classed as first time buyers if there has been no mortgage found on a credit search for 6 years, this includes unencumbered properties.

Permanent rights to reside and remain

Yes, required.

Ex-Patriates

No

New Builds

Yes, but only on Remortgages, not purchases.

Credit Score

No, but do credit check

Historic CCJ’s & Defaults

CCJ's & Defaults:

Note: must meet unsecured credit, secured lending and CCJ & default criteria to be considered, please refer to product guide.

Assessed by number (whether satisfied or not) AND £-value.
All CCJ’s and defaults will be ignored if under £300
Ignore if under £300 mail order or Communications.

UTB-0 Range: 0 in last 2 years
Max of 5 over 2 years old, providing total is less than £5,000

UTB-1 Range: 1 in last 12 months
No max number over 1 year old, providing all in total less than £10,000

UTB-2 Range: 2 in last 12 months
No max number over 1 year old, providing all in total less than £15,000

Ignore Mail Order and Comms Defaults regardless of size or when registered.

Valuation Fees

Valuation fees paid directly to the lender at the lenders valuation fee scale AVM's available to £250k and 75% LTV on remortgages only, not purchases

Maximum number of applicants

2

Countries

Will lend in England, Scotland (mainland) and Wales.

Access

Access to United Trust Bank is via mortgage packagers currently, one of which is 3mc.

Missed mortgage payments

UTB-0: 0 in 3 months. 0 in 12 months, 0 outstanding. UTB-1: 0 in 3 months. 0 in 12 months. Max 1 outstanding. UTB-2: 0 in 3 months. 2 in 12 months. Max 2 outstanding.

Shared Ownership

Yes, but only to buy out the remaining share to make 100%

Right to Buy (RTB)

Yes - They can remortgage if the current applicant is 3 years into a pre-emption period, otherwise, they will not consider. Do not consider a purchase

Debt Management Plan

Considered, whether repaying the DM off or not, need a 12 month statement from the DMP provider.

Help To Buy (Shared Equity)

No

Ex-Bankrupts

Yes - 6 years from discharge considered.

IVAs

Will ignore IVA after 1 year satisfied as long as they haven’t had any adverse since the discharge date, otherwise - 6 years from discharge considered.

Repossessions

No, not considered.

Payday Loans

Consider on a case by case basis

Repayment Types

Capital and Interest

Lenders completion fee

Can be added to loan.

Affordability

Affordability and ONS based.

Employment

3 months in current employed role with 12 months continuous or 6 months in current job, neither can be in probation.
100% of all guaranteed income including Basic Pay, Car Allowance and Shift Allowance.
50% of all non-guaranteed regular income such as Bonus, Commission and regular Overtime, subject to 18 month history.
0% of all non-guaranteed irregular income.

Self Employed

Sole Traders: 100% of Net Profit. Partnerships/Limited Companies: 100% of all sustainable drawings or dividends in addition to any salary.

Retained Profits and Directors Loans are not accepted.

Pension/Maintenance – 100% of all regular income.

Working Family Tax Credit, Child Benefit and Child Tax Credit – 100% of all income, providing there is a minimum of £25,000 total earned income across the application.