United Trust Bank (UTB) has revealed that it has now provided specialist mortgage loans worth more than £1 billion to customers thanks to sizeable growth between 2020 and 2021.
The bank grew its mortgage lending by 50% in that twelve-month period, which enabled it to pass this financial landmark during that time. Its total lending figure encompasses all second and first charge products that are included within its slate.
It first started offering mortgages to customers seven years ago, through its UTB Mortgages for Intermediaries division. Initially it was only providing a small number of second charge loans targeted at people whose needs were not being met by the big high street mortgage industry names.
It has expanded its slate of products considerably since then though and currently offers a variety of product types including first charge loans for both first-time buyers and those looking to remortgage their homes. It is now aiming to expand into the buy-to-let market, having recruited Barry Luhmann to oversee this not long ago.
Speaking to Mortgage Introducer, its director of mortgages Buster Tolfree said:
“This is a fantastic achievement, made possible by a great team of people who’ve worked incredibly hard to earn UTB a seat at the specialist mortgage table.”
He added that the company was developing rapidly.
Advisors now frequently have to use know-how picked up during their CeMAP training courses to find loans for clients with complicated circumstances, so the rise of a lender like this will help with that.