Today: Last Update:


Do you expect to see less or more second charge mortgage lenders in 2018?

UTB provides second charge to repay expensive Help to Buy loan

United Trust Bank

United Trust Bank (UTB) has completed a £58,000 second charge mortgage for a couple looking to use the funds to pay off a Help to Buy equity loan.

The value of the couple’s home had increased significantly since they took out the equity loan five years ago, but the amount of the loan that needed to be repaid had increased proportionately, too.

Equity loan borrowers aren’t required to pay any interest on the debt for the first five years, but in the sixth year they pay 1.75% interest and for each subsequent year it is 1.75% plus the rate of inflation based on the RPI, plus another 1%.

As a result, the couple discussed their options with their credit intermediary, who is an approved introducer for UTB.

The couple established that they had adequate income to support a second charge loan to repay the equity loan before they had to start making any interest payments on the equity loan.

The finance also meant that they would benefit from 100% of any further increases to the value of their home.

UTB received the application together with proof of income by way of the last two years SA302s for applicant one, who as a sole trader could evidence that his income was both at a consistent level and sustainable.

The lender received payslips for applicant two, and once it received the valuation report, it could issue the binding offer.

On receipt of the original signed mortgage deed, UTB was able to send the funds to the solicitor dealing with the repayment of the equity loan on the applicants’ behalf.

I well omega replica watches removed them, in I below. Those companions call fake rolex watches sounded like a bird chirp. Squeezed between the fragmentation omega replica of the basalt is cold crunching sound rolex replica watches of quicksand. Flat slopes gradually, I came to the edge of breitling replica watches the crater, a cement embankment covered with dark brown on top. I ran over to cartier replica watches see the cement, the steel roof covering the top: This is the beginning of replica watches the 22 century dome structure. It would appear that we have longines replica watches come to the right place. From my u boat replica watches current position.