"Expanding dual representation into non-regulated bridging is another practical enhancement designed to remove friction from the process and help brokers get more deals completed, particularly on transactions where speed is paramount"
- Andrew Ferguson - United Trust Bank
United Trust Bank has updated its bridging finance criteria with a series of enhancements aimed at helping brokers place more business, improve speed to offer and provide greater certainty for customers.
The headline change is the expansion of dual legal representation to unregulated bridging cases. Previously available only for regulated transactions, dual representation reduces friction in the legal process and can accelerate time-sensitive deals. It now covers:
- Regulated and unregulated bridging loans
- Purchases and refinances in England and Wales
- Loans up to £1m
- Individual and corporate borrowers
- Standard residential properties and light refurbishment projects
"We're continuing to look at every part of the bridging journey and asking ourselves how we can make it quicker, simpler and more certain for brokers and their customers," said Andrew Ferguson, commercial director for mortgages, BTL and bridging at United Trust Bank (pictured).
"Expanding dual representation into non-regulated bridging is another practical enhancement designed to remove friction from the process and help brokers get more deals completed, particularly on transactions where speed is paramount."
"All of these enhancements are focused on helping brokers write and complete more business with UTB. We're giving them more flexibility, faster routes to offer, greater confidence and the certainty they need."
Wider criteria changes
Beyond dual representation, UTB has introduced additional flexibility across its bridging proposition. For light refurbishment cases, works costs can now be funded up to 25% of initial LTV, subject to a maximum works budget of £200,000.
The bank has also updated its approach to corporate guarantees and revised its semi-commercial and mixed-use criteria, allowing cases where the residential element covers 100% of the facility, subject to vacant possession value and physical valuation requirements.
The latest changes build on UTB's recently launched desktop valuation option and enhanced automated valuation model (AVM) criteria, forming part of a broader programme to improve broker experience, streamline processes and reduce turnaround times across its regulated and unregulated bridging offering.
