United Trust Bank (UTB) has launched a new incentive campaign for bridging brokers, offering them the chance of winning a luxury spa break for two at a Champneys Resort.
UTB’s ‘Bigger DIPs’ promotion is encouraging brokers to complete a DIP for a bridging case following the specialist lender announcing a raft of significant enhancements to its bridging product range and criteria.
Brokers will receive a free entry into the summer prize draw to win the Champneys’ break for every qualifying DIP they submit for a bridging loan over £300,000 between now and the end of June.
UTB’s recent changes have included:
- Reduced rates now starting from just 0.57% p.m.
- Dual legal representation now available on unregulated as well as regulated cases.
- New Desktop Valuations – a flexible option where an AVM isn’t suitable, but a physical valuation may be unnecessary.
- Expanded use of AVMs. Now available up to 75% LTV with confidence levels relaxed across all bands.
Alongside these enhancements, UTB has also introduced additional flexibility across several areas of its bridging proposition.
For example, for light refurbishment cases, works costs can be funded up to 25% of initial LTV subject to a maximum works budget of £200,000. And the Bank has also updated its approach to personal guarantee requirements on corporate applications.
Andrew Ferguson, Commercial Director – Mortgages, BTL & Bridging at United Trust Bank, commented: “We’ve made some significant enhancements to our bridging proposition over the last six weeks, not least to pricing and friction free valuation options. This promotion will encourage brokers to check out how these changes are making a tangible difference to placing cases and completing deals with UTB. We’re providing more flexibility, faster routes to offer, greater confidence and the certainty brokers and their customers need.”
