United Trust Bank Secured Loan Review: Pros, Cons & Features
Many or all of the products and brands we promote and feature including our ‘Partner Spotlights’ are from our partners who compensate us. However, this does not influence our editorial opinion found in articles, reviews and our ‘Best’ tables. Our opinion is our own. Read more on our methodology here.
United Trust Bank secured loans: At a glance
United Trust Bank (UTB) offers larger secured loans than some other lenders will allow and repayment terms of up to 30 years. Fixed and tracker rate loan options are available up to 85% loan to value (LTV), but all applications must be via a broker.
The secured loans offered by United Trust Bank are second charge mortgages. This type of loan is also sometimes known as a homeowner loan, because they require you to put forward an asset that you own – typically your home – as security for the loan. Importantly, this means that your property could be repossessed if you fail to make the repayments on your loan.
Partner SpotlightGet a quote without affecting your credit score.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it.
Information for tenants
You must be a homeowner to apply for a Secured Loan via Norton
If you’re not a homeowner and would still like to search for a personal loan, then you can try searching for an unsecured loan via our loans eligibility service with Monevo.
United Trust Bank Secured Loan
3 to 30 years
£10,000 to £500,000
85%
Fixed and Variable
- 12-month minimum mortgage history required
- Must be located in England, Wales or Mainland Scotland
- Must have a minimum income of £15,000
This provider is available via our partner, Norton Finance.
Think carefully about securing debt on your home. Your home may be repossessed if you do not keep up repayments.
Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing.
Important information: Neither our review nor star ratings considered lending rates, and therefore does not reflect how much it costs to borrow from these lenders. Always check and compare a lender’s rates against others on the market when considering a secured loan. The rate you are offered will be dependent on your circumstances, loan amount and term, and may differ from the advertised rate. If you have poor credit, only borrow if it is necessary and you can comfortably afford repayments.
United Trust Bank secured loans pros & cons
Pros
- Fixed and tracker rate options are available.
- There is a high maximum loan amount.
- There is a wide range of loan terms to choose from.
- United Trust Bank offers email and phone customer support.
Cons
- There is a high minimum loan size.
- You can find higher loan to values available elsewhere.
The pros and cons featured here are chosen by us based on a combination of our expert opinions from our research of the secured loans market and an exclusive survey of UK consumers conducted on behalf of NerdWallet UK in February 2023 to identify the features of secured loans that people feel are most important. They are not the only product features and restrictions that you should consider. You should align them to your personal circumstances. Information was correct at the time of publication but may have changed since.
United Trust Bank secured loans overview
Launched in 1955, United Trust Bank is a specialist lender and bank that offers a range of savings accounts, mortgages and other funding solutions to consumers and businesses. This includes secured loans to homeowners in the form of its second charge mortgage product.
The secured loan amounts generally offered by UTB range from a minimum of £10,000 up to a maximum of £500,000, though it may be possible to secure a higher amount on referral. The most you can borrow through a United Trust Bank secured loan is 85% of the value of your property – so 85% loan to value.
Loans can be repaid over a term of between three and 30 years.
| Loan amounts | £10,000 to £500,000 (more on referral) |
| Term length | Three to 30 years |
| Maximum loan to value (LTV) | 85% LTV |
| Customer support | Phone, email |
| Trustpilot rating* | 4.6 stars (26 September 2024) |
* Rating relates to the United Trust Bank brand rather than solely its secured loan product.
Where United Trust Bank secured loans stand out
High maximum loan amount
The ability to borrow up to £500,000 means the size of the secured loans available through United Trust Bank is more than double that available from some lenders. In addition, if you need to go higher, there could be the potential to borrow an even larger amount on referral – this involves United Trust Bank referring you to an alternative lender that may be able to help.
Wide range of repayment terms
United Trust Bank offers a range of repayment periods spanning from three to 30 years. As some lenders are only willing to offer secured loans for up to 25 years, the option to repay over a longer period with UTB gives you the chance of lower monthly repayments. Note, however, the longer the repayment term, the more you’re likely to pay in interest overall.
It offers email customer support
If you’d rather not have to pick up the phone to get customer support, the option to email queries to UTB is a good one to have, and not something that every secured loan provider offers.
Where United Trust Bank secured loans fall short
You can find smaller loans elsewhere
The smallest amount you’re allowed to borrow through a United Trust Bank secured loan is £10,000. It’s not the highest minimum amount among lenders, but if you’re looking for a smaller loan it’s possible to borrow as little as £3,000 elsewhere.
You can’t apply direct
United Trust Bank is a broker-only lender so if you’d prefer to directly apply for a secured loan yourself, you’ll need to consider alternative lenders. Some people may prefer to apply directly to save on broker fees.
No loan calculator on United Trust Bank’s website
Some lender websites include a loan calculator allowing borrowers to get an indication of the interest rates and monthly repayments that may result from different scenarios. However, this particular interactive tool isn’t one that United Trust Bank offers.
» MORE: Compare best secured loans
What type of loans does United Trust Bank offer?
Secured loans
United Trust Bank offers secured loans in the form of second charge mortgages, which means you use the equity in your main residential home as security for the loan.
The need to provide an asset as collateral means a secured loan may allow you to borrow larger amounts and potentially at lower interest rates than you could through a personal unsecured loan where a high-value asset to use as security isn’t required.
However, the important point to note is that the security you put forward for a secured loan – in this case your home – is at direct risk of being repossessed if you don’t keep up with your loan repayments.
How much you can borrow depends on the amount of equity you have in your property and the repayments a lender decides you can afford.
Secured loans from United Trust Bank are arranged on a capital repayment basis, which means that if you make your repayments each month as expected, your loan and the interest you’re charged will be fully repaid when the loan term ends.
» MORE: What is a secured loan?
Secured loans for bad credit
United Trust Bank suggests a “previous adverse credit history won’t automatically exclude you from getting a secured loan.
Borrowers with bad credit may find it easier to take out a secured loan than an unsecured loan, because lenders know they have the security that must be provided with a secured loan to fall back on if you fail to make the repayments required.
That said, it’s important not to apply for loans you’re unlikely to get because unsuccessful applications will have a negative effect on your credit score.
» MORE: Secured loans for bad credit
What can I use a United Trust Bank secured loan for?
United Trust Bank secured loans can be used for a wide variety of purposes including to:
- help pay for home improvements
- buy a car
- pay a tax bill
- cover tuition fees
- pay for a wedding
- consolidate debt
- cover a mortgage
- help fund property portfolio expansion
» MORE: Secured vs unsecured debt consolidation
Why do people take out secured loans?
People may consider a secured loan if they want to borrow more than it’s possible to borrow through an unsecured personal loan. Others may look towards a secured loan if being self-employed or having bad credit is making it difficult for them to get an unsecured loan.
» MORE: Should you take out a loan against your house?
Take a look at some of the other secured loan lenders we review.
United Trust Bank loan eligibility criteria
To be eligible for a UTB secured loan, your property must be worth at least £90,000.
United Trust Bank will consider income from employment, self-employment, work as a contractor, and pension income when making its assessment. Income from certain benefits, including Working Family Tax Credit, Child Benefit and Child Tax Credit, may also be considered.
In addition, the property you put forward as security must be in the UK, your primary residential property, and currently have a first charge mortgage secured against it (this is the standard residential mortgage that you use to buy a home).
United Trust Bank secured loan features
Rates
United Trust Bank offers both fixed-rate and variable rate secured loans.
With the variable rate option, the interest rate you pay tracks the Bank of England base rate at a set margin – so if the base rate is 4%, and the margin is +5%, the interest rate you’ll pay is 9%, but this has the potential to rise or fall, depending on movements in the base rate.
With the fixed-rate option, you’ll have reassurance that your loan repayments will stay the same for the period of time your rate is fixed. Note, though, that once the fixed-rate period ends, you’ll move on to the base rate tracker option, where rates can increase and decrease.
» MORE: The differences between fixed and variable rate mortgages
Loan-to-value ratios
United Trust Bank offers secured loans up to a maximum of 85% loan to value. This is higher than some lenders allow, but also not as much as some others permit.
Making overpayments
Some UTB secured loans allow borrowers to make overpayments without having to pay a penalty, while others don’t. Always check the terms and conditions of any loan before overpaying as there may be a cap on overpayment amounts.
Paying off a loan early
You can pay off a United Trust Bank secured loan early but, depending on your loan, there may be charges to pay. If you want to pay off your loan early, you must request a redemption statement from United Trust Bank before doing so.
Customer support
When it comes to customer support, United Trust Bank welcomes enquiries over the phone, via an online contact form on its website or by email. The ability to email isn’t an option that every lender allows.
Customer ratings
At Trustpilot, United Trust Bank receives an overall rating of 4.6 stars out of five from over 2,200 customer reviews – a score that the review site equates to ‘Excellent’. More than three-quarters of reviews award the bank the full five stars. Note that this rating relates to the products and services offered by the United Trust Bank brand overall, and not just its secured loans.
This information was correct as of 26 September 2024.
How can I apply to United Trust Bank?
To get a secured loan from United Trust Bank, you’ll need to apply through one of its broker partners – you can’t apply yourself directly. The advantage of this is that you’ll benefit from the broker’s experience and guidance throughout the application process.
What information do I need?
If you want to apply for a United Trust Bank secured loan, the minimum you will probably need to provide includes:
- proof of your identity and address (your driving licence or passport, and/or a utility bill or bank statement)
- payslips for at least the last two months if you’re employed
- self-assessment forms for the last two years if you’re self-employed
- your latest pension statement to prove retirement income
- letters or documents proving any income from benefits
- your latest annual mortgage statement
- details of any outstanding debts you may have
How long does it take to apply?
United Trust Bank doesn’t give an indication how long it may take to apply for a second charge mortgage and receive the funds on its website. Making sure the information you provide when applying is correct is usually the key to avoiding delays.
United Trust Bank FAQs
United Trust Bank is regulated by the Financial Conduct Authority and Prudential Regulation Authority. The bank says it follows strict rules and regulations in order to protect its customers, adding that it is well-capitalised and has high liquidity levels.
Warning: The Financial Conduct Authority (FCA) is warning there is a United Trust Bank ‘clone firm’, where fraudsters use the details of the genuine, authorised company to mislead customers. If you are not sure you’re dealing with the genuine company, its official website and contact details can be found at https://www.utbank.co.uk/.
United Trust Bank is privately owned by Graham Davin, Harley Kagan and Roger Tidyman, who led a management buy-out of the bank in 2004. Kagan is currently CEO of UTB and Davin is deputy chairman.
Help if you’re struggling with debt
Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing
If you are struggling with debt, you can seek advice from a debt advice service, such as:
- Citizens Advice
- MoneyHelper (formerly The Money Advice Service)
- National Debtline
- StepChange
- The Money Charity
Think carefully about securing debt on your home. Your home may be repossessed if you do not keep up repayments.
Late repayments can cause you serious money problems.
Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing.
Review methodology
At NerdWallet Ltd UK, we base our reviews and ‘Best of’ pages’ on the results of surveys we undertook about what was important to people that use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.
Best means ‘our best’, and is based only on what products we have aligned to our surveys and which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best of’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.
Our reviews may include lenders’ rates. This additional information has not been included in our star rating or evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
You can view our full review methodology here.
About the Author
Dive even deeper
Debt Consolidation Loans: Compare Rates to Combine Debt
by Rhiannon Philps
Emergency Loans, Grants and Other Support if You Need Money Urgently
by Sam Bromley