United Trust Bank has launched a broker incentive campaign following a series of changes to its bridging proposition.
The specialist lender said its ‘Bigger DIPs’ promotion will give bridging brokers the chance to win a luxury spa break for two at a Champneys Resort.
Brokers will receive one entry into the summer prize draw for every qualifying decision in principle they submit for a bridging loan above £300,000 between now and the end of June.
The campaign follows a number of changes to UTB’s bridging product range and criteria, including reduced rates starting from 0.57% a month.
The bank has also made dual legal representation available on unregulated as well as regulated cases, introduced desktop valuations where an automated valuation model is not suitable but a physical valuation may not be required, and expanded the use of AVMs to 75% loan-to-value with confidence levels relaxed across all bands.
UTB said it had also added flexibility to parts of its bridging proposition. For light refurbishment cases, works costs can be funded up to 25% of initial loan-to-value, subject to a maximum works budget of £200,000.
The bank has also updated its approach to personal guarantee requirements on corporate applications.
Andrew Ferguson (pictured), commercial director – mortgages, buy-to-let and bridging at United Trust Bank, says: “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.”
