Specialist lender United Trust Bank has launched a range of second mortgages with loan-to-value ratios of 90%.
The products are sold in two-, three- and five-year terms and are available only through its premium club mortgage packagers.
90% LTV terms are five years, prices start at 9.99%, and loan sizes range from £30,000 to £100,000.
Secondary charges of up to 85% LTV are available on different terms, with five-year fixed rates at 8.99% LTV and loan sizes ranging from £10,000 to £500,000.
The lender said these higher loan-to-value (LTV) second mortgages give customers the flexibility to release equity in their homes without having to change their first mortgage.
Loans can be used for a variety of purposes, including home improvements, debt consolidation to purchase another property or asset, and tax bills or school fees.
UTB offers flexible criteria to accommodate a wide range of customers, including those with complex income sources or those who are self-employed and have compromised credit histories.
These second mortgages are available on a range of properties, including non-standard construction types and properties in disadvantaged locations, such as high-rise apartments and properties near commercial real estate.
Buster Tolfree, director of mortgages at UTB, said: “Our new 90% LTV seconds range is a new benefit for Premier Club members and the brokers who use them to support their professional mortgage applications.
“With access to great rates, standards and features, brokers can get better deals and handle difficult cases for clients, while benefiting from the experience and expertise of a packager who understands specialist mortgage lending.”
