pdate Autumn 2016

Meet the Specialists in our 2016 broker prize draw - see page 4

Sinking SterlingJournalist David Budworth looks at the

pros and cons of a weak pound

News and Views from the 2016 Specialist Bank of the Year

Getting out on the roadGavin Diamond reflects on the positive outcomesfrom some recent Roadshows

Is what you see what you get?Martin Nixon reveals the extra charges someAsset funders don’t like to talk about

No Brexit backlash for SME developersNoel Meredith explains why UTB will continueto support smaller builders

Our first year in SecondCharge loansBuster Tolfree reflects on a busy and successfulfirst 12 months for the new division

pdateThe last issue of Update was published verysoon after the result of the EU referendumhad been announced and at that point weknew very little about what would happennext. Theresa May had only just beenappointed as Prime Minister and we wereall realising just how little planning therehad been for a ‘leave’ vote win. FinancialJournalist, David Prosser, our guest writer inthat issue, summed up the knowns and theunknowns of Brexit and even now, morethan four months later, we really don’tknow an awful lot more than we did then.In terms of politics, the current rhetoric iswhether we will move towards a ‘hard’ or‘soft’ Brexit, whatever that really means.We are however, starting to see some of

the economic consequences of the result.Since the 23rd of June the value of thePound has fallen by more than 18% againstthe US Dollar and inflation has risen fasterthan expected to 1%, the highest rate inmore than 2 years. Rising inflation mayhave implications for the Base Rate andwith the trade deficit widening and retailsales flat in September there are fears thatconditions could indicate a spendingslowdown. In this issue we asked DavidBudworth, the former Deputy FinanceEditor of The Times, to examine theimplications of a weakened Sterling and itmakes for interesting reading. I would alsourge you, if you haven’t already, to readDavid Prosser’s article which you can stillfind on our website.We have been led to believe that Article

50 is most likely going to be triggeredaround the second quarter of 2017, butother than that, there’s a huge amount ofuncertainty about what the next few yearswill mean for us. American physicist, BrianGreene, once said; “Exploring the unknownrequires tolerating uncertainty”. Many UKbusiness owners and individuals will feelthat this particular unknown has beenthrust upon them, but nevertheless, we willall have to tolerate uncertainty for the next

few years and embrace some inevitablechanges if we are going to keep pushingour businesses forward. We have to remindourselves that we have 65 million people inthe UK and we have a pool of vibrant,talented and entrepreneurial businesses.We have our own home grown

uncertainty, but there are also eventsfurther afield over which the majority of ushere in the UK have no control whatsoever.One of these is the US Presidential election,one of the most controversial contests everseen for tenure of the Oval Office. By thetime you read this the victor may be known.Our UTB broker poll carried out immediatelyprior to the EU referendum was anextremely accurate indicator of the result,so you may be interested to know thatwhen we asked brokers who they expectedto win the Presidential election, HilaryClinton polled 74% compared to DonaldTrump’s 23%. Let’s hope our brokers are justas accurate on this vote too.Despite the distraction of the Brexit poll,

we’ve had another successful year at UTBand we have the support of our brokerpartners and the dedication of our excellentstaff to thank for that. We have increasedour lending volumes, launched several newproducts and the launch of our MortgageDivision has been a great success; not justcommercially, but by the way our entry intothe sector has been welcomed by brokersand intermediaries. We were also delightedto be named Specialist Bank of the Year.What next year has in store for us is

uncertain, but we can tolerate that. Infact, we’ll go a step further, we relish the challenge.

pdate Autumn 2016

Meet the Specialists in our 2016 broker prize draw - see page 4

Sinking SterlingJournalist David Budworth lo

oks at the

pros and cons of a weak pound

News and Views from the 2016 Specialist Bank of the Year

Getting out on the road

Gavin Diamond reflects on the positive outcomes

from some recent Roadshows

Is what you see what you get?

Martin Nixon reveals the extra charges some

Asset funders don’t like to talk about

No Brexit backlash for SME developersNoel Meredith explains why UTB wil

l continue

to support smaller builders

Our first year in SecondCharge loansBuster Tolfree reflects on a bu

sy and successful

first 12 months for the new division

Harley Kagan,Managing Director

Cover storySinking SterlingJournalist David Budworth looks at the pros and cons of a weak pound

Contributors to thisIssue

Asset FinanceMartin Nixon

Bridging FinanceGavin Diamond

Development FinanceNoel Meredith

Specialised MortgagesBuster Tolfree

Structured FinanceBespoke solutions for clientswith complex financialrequirements

Market informationLatest statistics from Savills, theLand Registry, Nationwide andthe Council of Mortgage Lenders

INSIDEthis issue…

Tolerating uncertainty

Guest article pdate

One strain of opinion is that sterling’sslump will be nothing but good news. Aweaker pound will support exports, boosttrade and spark a manufacturingrenaissance. A more downbeat conclusionpoints to a risk to living standards ashigher import costs trigger inflation and areduction in UK productivity and outputas foreign investment dries up.What we know so far is that the pound

has been one of the worst performingcurrencies in the world this year, fallingnearly 20 per cent against the dollar sincethe referendum vote and dropping to a nearsix-and-a-half year low against the euro.This has already made life more difficult forforeign holidaymakers and pushed upimport costs for some businesses.

There have been winners too. Shareprices of the UK’s most internationalfirms have been soaring in anticipation ofhigher repatriated earnings. Foreignshoppers have also been flocking toretailers in London and Northern Irelandto cash in on sterling weakness.However, what the lower pound means

for the overall health of the economy isfar from clear. The simple fact is thatsometimes a currency depreciation isbeneficial and sometimes it isn’t. Sharpdevaluations in the past have boostedgrowth by making British exports morecompetitive and encouraging UKconsumers to switch their spending awayfrom more expensive imports. That iswhat happened in 1992 after the UK quit

the European Exchange Rate Mechanism(ERM). The resulting export boom helpedto pull Britain out of recession andeliminate Britain’s current account deficit.Some economists think that a sharp

rise in exports will save the day again.They see a weaker pound helping torebalance the economy away fromfinancial services as other industries,especially manufacturing, become morecompetitive and find new export markets.Unfortunately, an export boom is far

from guaranteed. The fall in sterling thatfollowed the global financial crisis did notkickstart export growth. World trade wassluggish, consumer spending weakenedand imports continued to rise faster thanexports. In the five years starting in

Sinking SterlingMost economists agree that a sharp drop in the value of the pound was inevitable followingthe UK’s shock decision to quit the EU. However they remain deeply divided over whether itwill be a boon or a hindrance to the economy.

David Budworth is an award winning financial journalistand former deputy editor of The Times ‘Money’ section.

2010 the current account deficit grewfrom 2.7 to 4.7 per cent of nationalincome.Will we see a repeat of 1992 or the

depreciation after the financial crisis? It isdifficult to say as each depreciation isdifferent, though the world looks very

different to when we quit the ERM. In1992 monetary policy had been kept tightto keep sterling within its exchange-ratebands. Now interest rates are so low thatthere is little more the Bank of Englandcan do to encourage companies to invest.Many UK companies are heavily

dependent on global supply chains,importing lots of components from othercountries, potentially reducing the benefitfrom currency depreciation. Indeed, UK

businesses reliant on imported inputs arelikely to find a weaker currency hasserious downsides as costs rise.Inflation is already on the increase. The

consumer prices index jumped to 1 percent in September, though the Office forNational Statistics says the figures have

yet to fully reflect sterling’s steep drop.This has led many economists to forecastinflation climbing to as high as 3.5 percent next year.A weak pound and rising inflation

would usually mean higher interest rates,but all the indications are that the Bankof England will not rush to push up thebase rate. Economists believe another cutto 0.1 per cent is not out of the question.

The prospect of rates remaining lowerfor longer perhaps explains why theBrexit vote has done little to dampen theresidential property market. Indeed,sterling’s slump could prove a blessing inprime central London, one of the fewareas to witness a slowdown followingthe increase in stamp duty on the mostexpensive homes. Knight Frank says theweaker pound has helped to spurinterest from overseas buyers, thoughmany are adopting a wait-and seeapproach until they have greaterconfidence that the pound has hits itslow point.When that will happen is difficult to

predict. Some analysts believe thatsterling is now undervalued. Investmentbank BNP Paribas argues that the poundshould recover above $1.29. By contrast,HSBC has claimed that the currencycould drop to $1.10 and Goldman Sachsthat it could fall a further 10%.The problem is that sterling’s

movements are currently being driven bypolitical headlines not economic data,making the future difficult to read. Allwe can say for sure is that until an exitdeal is agreed with the EU it looks as ifvolatility will be here to stay.

Guest article pdate

Many UK companies areheavily dependent on globalsupply chains, importing lotsof components from othercountries, potentiallyreducing the benefit fromcurrency depreciation.

B A N K I N G F O R B R O K E R S

Take part in our broker mini polls and visit us at the Finance Professional

Show for a chance to WIN £5,000 worth of specialist prizes.

Meet the Specialists

GARRICKENGLISH WATCHMAKERS

SELFRIDGESWITH A PERSONAL SHOPPER

ABERCROMBIE & KENTLUXURY TRAVEL

Structured Finance pdate

CASE EXAMPLES

An equitable charge securesplanning gain funding A developer required funding forcosts associated with a projectawaiting planning consent. Onesecurity property had a 1st chargeat an advantageous rate which hedid not wish to refinance and as themain lender would not allow a 2ndcharge, we agreed a £2.5m facilitysecured against equity.

A complex facility for refinancing,purchase and developmentA successful property developmentcompany wished to refinanceexisting loans, raise funds tocomplete the works on their currentdevelopment and purchase theirnext project. Security for the circa£11m facility was a complexportfolio of properties, land,company assets and guarantees.

Family trusts required refinanceand equity releaseA development company requiredan investment loan securedagainst a number of letapartments in a previouslycompleted project. The loan wouldrefinance the existing loan andrelease equity to pay down otherdebts. Our experience of dealingwith family trusts was vital inapproving the circa £4.7m facility.

Investment, bridge anddevelopment solutionA family property investmentbusiness required a fundingsolution comprising a bridgingloan, an investment loan and adevelopment finance facility tocomplete a £5m refurbishment ofmixed use properties it alreadyowned. We agreed to provide astructured facility of £7.7m.

Refinance and equity releaseA developer of luxury servicedretirement complexes wished tofinance an expiring developmentloan and release equity fromcompleted units in order to fundfurther site acquisitions. We quicklyappraised their financial situationand agreed a £6m facility.

What the brokers say…UTB’s Structured Finance division provides a niche source of funding by consideringdeals on their individual merits without being bound by restrictive criteria andconditionality. Tom Robinson, Bircroft Private Limited

In an ever moving and competitive arena United Trust Bank's Structured FinanceTeam have stood out from the crowd by having a creative approach to the world ofproperty investment. Adrian Cormican - Director, Hallcroft Structured Property Finance

WHAT WE LEND ON

• Residential investment property• Semi commercial property• Non-working farms• Mixed Property portfolios• Commercial property• HMOs• Land with planning• Listed property

• A variety of other securities can beconsidered

KEY TERMS

• Unregulated• Loan size from £500k• Rolled up or serviced interest options• Valuation and legal fees at cost• Term up to 36 months

An introduction toStructured Finance at UTBUTB has created a Structured Financedivision to provide bespoke financialsolutions for clients with complexfinancial requirements. Headed up byGerard Morgan Jackson, the highlyknowledgeable team provides a uniquepersonal service to customers requiringsomething more than just a conventionalloan or funding facility.Working with Gerard and an

experienced team to date the StructuredFinance Division has completed loanstotaling more than £50m.Gerard Morgan Jackson commented:“Over the last year we have worked

closely with a select group of brokers

developing and refining our offering andproviding financial solutions to a widevariety of customers.“Each borrower’s needs are different so

we quickly appraise their situation andensure that each facility is tailored to fittheir exact requirements. Our customerstend to have more complex personal orcorporate financial arrangements in place,typically involving multiple securities, UKand foreign portfolios, family trusts andSPVs and since creating the new divisionwe have provided funding for a variety ofdifferent uses including refinancing,equity release, development, planninggain and investment.”

Development Finance pdate

NoelMeredith

No Brexit backlashfor SME developers

A recent survey carried out by theFederation of Master Builders (FMB) foundthat 69% of SME developers were yet tosee any significant changes to theirbusinesses as a result of the EUreferendum.From our perspective, there appeared to

be a short period when most businessesand individuals took stock of what was, formany people, a surprising outcome.However it increasingly seems that mostdevelopers quickly got back to the job inhand but perhaps with a closer eye on thepotential for increased material and labourcosts and a somewhat higher degree ofcaution with regard to house prices incertain areas.

The FMB’s survey findings very muchreflect our own experience as adevelopment finance lender and theapproach we’ve taken since the decision toleave the EU was made. At United TrustBank it’s very much ‘business as usual’ andbroadly speaking I think the mood of theindustry is positive.The UK continues to suffer from a

chronic shortage of new housing and theSME developer sector has a vital role toplay in meeting the need for new homes.Demand for new homes remains strong

and we believe there are excellentopportunities for SME developers to make asubstantial contribution to the hundreds ofthousands of new homes we need to buildeach year.Securing development finance is

frequently reported as one of the keychallenges facing SME builders and somemay be concerned that banks will be lessinclined to lend in the current environment.In our own recent survey, over a third ofbrokers working in the developmentfinance sector indicated that they believedthat, over the next year, it will becomeharder for builders and developers tosecure funding to commence newdevelopment projects.

Whilst some lenders may be less active,experienced specialist lenders, like UnitedTrust Bank, recognise that the demand forgood quality, reasonably priced housing isgoing to endure for several years, if notdecades, to come. As such, as long asdevelopers can demonstrate a thoroughunderstanding of their market, have donetheir sums properly and can prove thequality of their previous work, UTB will bevery keen to discuss providing the fundingfor their next residential new build andconversion projects.

Noel Meredith, Executive Director, United Trust Bank Steve Grant hasjoined UTB as aproperty financeBusinessDevelopmentManagerresponsible forbuilding the

Bank’s presence in the North ofEngland. Steve has joined fromBarclays Bank PLC where he was aSenior Real Estate Managerresponsible for multi-millionpound property funding deals inthe North West and North Wales.Steve’s responsibilities include

developing new businessopportunities by buildingrelationships with brokers anddevelopers in the area andintroducing them to UTB’s awardwinning development andbridging finance services.Welcoming Steve to UTB, NoelMeredith said:“I am delighted that Steve has

joined the team. He has worked inthe North West his entire careerworking with businesses anddevelopers in Manchester,Cheshire, Liverpool and widesurrounding area and he bringswith him extensive knowledge ofthe region’s property market andeconomy. Steve’s experiencebacked by UTB’s award winningproducts and service are sure tobe a successful combination.”

New BDM for theNorth of England

The UK continues to suffer from a chronic shortage of newhousing and the SME developer sector has a vital role to playin meeting the need for new homes.

Steve Grant

Proud sponsors of

The Small Housebuilder of the Year awardHousebuilder Awards 2016, London

www.utbank.co.uk

Although we have provided loans tocustomers all over the country, it’s fairto say that, to date, the majority of ourbusiness has come from the Londonarea and the South East. The roadshowgave us a great platform for going outand meeting brokers from differentparts of the country and with varyinglevels of knowledge and experience ofbridging loans and specialist lending ingeneral. What was clear, however, wasthat everyone who attended theroadshows was motivated and wasthere to achieve something, whetherthat was a better understanding ofshort term lending on the whole or toincrease their knowledge of theproducts, services and approach offeredby the lenders present.The ‘round table’ format of the events

worked extremely well, and rather thanour sessions being along the traditional‘let’s talk about us’ lines we spent muchmore time engaging with brokers aboutthe market from their perspective. Wetalked about the challenges they faceand how lenders can make their jobseasier and more difficult. They werefrank with us about the most annoyingtraits of lenders, with poorcommunications, inconsistent decisionmaking and backpedalling on previously

agreed terms frequently cited as thesort of behaviour which causes them tolook elsewhere next time. Rates andcharges are still an important factorwhen brokers are placing any kind ofbusiness but other considerations suchas service, trust and confidence in thepeople and the processes were not farbehind. There were some gooddiscussions about potential gaps notonly in our product range, but in themarketplace as a whole, and that kind offeedback is invaluable when we’redeveloping new products and enhancing

GavinDiamond

We’ve been gettingout on the roadGavin Diamond, Commercial Director – Bridging

Bridging Finance pdateour service. Consequently we came awayfeeling that we’d learned just as much(if not more!) from the brokers we’d metas they’d learned from us.Regularly meeting brokers is

something we’re keen to do even moreof and Jo Edwards, our new BusinessDevelopment Director across bothMortgages and Bridging, has beengetting to know some of our Bridgingbrokers whilst out on the road with theBDMs. Jo’s experience and insight is

There were some gooddiscussions about potentialgaps not only in our productrange, but in the marketplaceas a whole

One of the highlights of the last few monthshas been taking part in the Specialist LendingRoadshows organised by Financial Reporter.

already paying dividends for our teamand we’ll continue to share ideas andbest practice to take advantage of thecommon ground that exists betweenboth Mortgages and Bridging to ensurecontinued development of our marketoffering in the best interests of ourcustomers, our brokers and the Bank.Over the next few months I believe

that we’ll start to see more implicationsof the Brexit decision unfold. It’s still toosoon to gauge how significant theimpact has been on the areas of theproperty market in which we operate.Some say the weak pound has givensomething of a boost to sales in primemarkets. Nevertheless there’s going tobe more change ahead which will bringboth challenges and opportunities. UTBremains well funded and our appetite tosupport brokers and borrowers inachieving their goals is as keen as ever.Our message to brokers at the momentis not to rule us out of any case beforeyou’ve spoken to us. We have funds tolend, we are aware of how pricesensitive the market can be and are wellplaced to make commercial decisionsbased on the fundamentals of theparticular deal. Wherever you are andwhatever solution you’re looking for,there’s a good chance we can help.

pdate

Is what you see,what you get?

MartinNixon Martin Nixon, Head of Asset Finance

Some industries are renowned for hittingcustomers with surprise extra chargesdesigned to relieve them of a few morepounds than they’d bargained for. The extra£25 a day insurance that car hire firmsinsist you have before driving away in yourbargain £30 a week Fiat 500 being a goodexample. Or the ‘optional’ 12.5% servicecharge you find added to your restaurantbill and have to ask to be taken off if thewaiter was more brusque than brisk.The Asset Finance industry is not without

its own ‘hidden’ extras. The one thatprobably causes the most annoyanceamongst brokers and their customers is theselling of Asset Protection. Many lendersdon’t insist on seeing proof of insurancefor an asset they’re financing beforereleasing funds. However, once thetransaction is complete, many will write tothe customer informing them that theywould now like to see proof of insuranceand, unless they receive confirmation by acertain date, the lender will set up a policyon their behalf and charge it to thecustomer. If the deadline passes withoutcontact, the lender sets up a policy with apartner insurer and then increases thecustomer’s monthly direct debit to coverthe additional cost, earning themselves anice extra commission in the process. Although earlier this year we decided

that we’d no longer require proof ofinsurance on assets for deals of under£50,000, this wasn’t a prelude to usintroducing Asset Protection. We justwanted to make things simpler for ourbrokers.Another broker bugbear is the annual

administration charge. It’s not usually alarge fee, maybe £30-£40 a year, but it’sone of those where the broker and thecustomer often thinks ‘Why? What do I getfor it? It’s a fair question. We’ve never beenable to come up with a decent answer andthat’s why UTB has never had an annualadministration charge. It’s all part of theservice for us.We know from the findings of our

recent broker survey, that pricing is stillone of the most important issues thatbrokers face. With the number of fundersnow dealing directly with customerscontinuing to grow and with marginsbeing constantly squeezed, brokers areexperiencing more competition in certainsectors than ever before.That’s one of the reasons why at UTB we

believe in transparent pricing. When weagree a price with the broker; that’s theprice. No surprise increases, no calls fromirate customers, just straightforwardproducts at straightforward prices. With us,what you see is what you get.

Asset Finance

The Bank is continuing to developits Asset Finance division and haswelcomed two new BDMs to theteam. Klara Hanrahan and KevinBristow are responsible fordeveloping new brokerrelationships in the South ofEngland whilst also maintainingUnited Trust Bank’s existing brokernetwork.

Klara joins fromParagon Bankwhere, over thelast 9 years, sheestablishedherself as one oftheir topperforming sales

executives, providing asset financeand refinancing funding solutionsto SMEs.

Kevin has over 35years ofexperience inAsset Financeboth on thefunder and, mostrecently, brokersides of the

industry. Kevin joins UTB from LHEFinance Ltd, a transport focusedlease brokerage, where he spent 12successful years.Keith Sangwin, Head of Sales -Asset Finance, at United TrustBank said;“United Trust Bank’s Asset

Finance business has grownconsiderably in the last few yearsand we have ambitious plans tocontinue developing our brokernetwork across the UK. Klara andKevin will help us to expand ourcustomer base in the South ofEngland and ensure that as wegrow we will still maintain the highlevels of service our broker partnersand their clients deserve.”

KlaraHanrahan

Kevin Bristow

Meet the Specialistsin our 2016 broker

prize draw

New BDMs strengthenAsset Finance team

This loan was complementaryWe were recently asked to providefunding for a small private hospitalrun by a collective of GPs who providea wide range of general practice andcomplementary services. Havingcarried out extensive research theyhad concluded that an expansion intoa different field of complementarymedicine would be a very beneficialaddition to their current offering.The expansion would mean

employing additional staff,purchasing bespoke equipment andrefurbishing part of the existing

building to create the right spacefrom which to provide the treatments.Fortunately, loans of this type fit wellwithin the terms of our ProfessionalLending guidelines. The partners provided evidence that

the practice was well-managed andprofitable, and not long after wereceived the proposal from theintroducing broker we were able toissue an approval for the full loanamount for the term requested.Loan amount: £100,000Term: 36 months'

Professional Lending

The Mortgages team has grown from asmall group of three to a fully-fledgedteam of sixteen, our lending volumeshave exceeded what we already thoughtwere stretching targets and the responsefrom the mortgage broker community toour products and service has beenoverwhelmingly positive. We thoughtlong and hard about the approach we’dtake to our pricing strategy and lendingcriteria. We wanted to ensure that weadded true value to our introducers bywidening the product solutions availableto their customers, rather than justsimply entering the market with very lowrates to get an initial foothold. The loanswe have completed have performed verystrongly, and we are confident that wehave a fantastic operational and IT baseon which to begin launching newmortgage products in the future.For me though, our biggest

achievement of the last year was theway we handled the transition of MCD.The feedback we received from ourintroducers was all positive, with theirexperience being a seamless IT transitioncomplimented by clear communicationand good on-site training. As a resultMCD provided a springboard allowing us

to really show what UTB are capable ofwithin the specialist mortgage market,far quicker than we otherwise couldhave. Some other lenders did notnecessarily enjoy the ease of transitionthat we did and whilst I had a fewsleepless nights in the lead up, theMortgage team and everyone at theBank did a superb job. It was MCD whenour business really got into top gear and

we’ve not looked back since. I’d like tothank the twenty or so carefully chosenMaster Brokers we work with forsupporting our new venture over the lastyear and I’d particularly like to thank theeven smaller band which helped usthrough our pilot phase. I know frompersonal experience that it takes a leapof faith to take your business tosomewhere new and untested and westill really appreciate the help we

received in taking UTB Mortgages froman idea to a reality.One of the advantages of growing the

team is that it’s given Jigar Patel, ourKey Accounts Manager, time to get outand meet the people who place caseswith us. He’s had some great feedbackon his visits to Master Brokers likeLoans Warehouse and Ocean Financewhere he talks advisers through ourproposition and provides onsiteunderwriting support. Sometimesintroducers are surprised at the broadrange of cases we will accept. Not onlybecause we’re less worried about creditscoring than many of our competitors,but also because we’ll lend on manydifferent types of properties fromtraditional build to concrete and timberframed construction. Jigar also reallyenjoyed meeting many new brokers atthe recent Specialist LendingRoadshows in the Midlands and the

South West. The Bank is keen to developits range of lending products and thewhole Business Development teamenjoyed engaging with brokers fromacross the UK. I also couldn’t be happier that Jo

Edwards has joined the UTB family. Jo’strack record at Nemo is outstanding andwith her knowledge and experience she’sgoing to be a huge asset to the team aswe look to build on our early success.

Specialised Mortgages

I know from personal experience that it takes a leap of faith totake your business to somewhere new and untested and westill really appreciate the help we received in taking UTBMortgages from an idea to a reality.

pdate

Our first year inSecond Charge loansBuster Tolfree, Commercial Director – Specialised Mortgages

BusterTolfree

It’s been just over a year since we went public with our SecondCharge loan offering and the progress we’ve made in just 12short months has been staggering, even if I do say so myself!

Jo Edwards has joined UTBas Business DevelopmentDirector in the newlycombined Mortgages &Bridging Division. Jo waspreviously CommercialDirector of Nemo Finance,a subsidiary of PrincipalityBuilding Society, and bringsa great deal of industryknowledge and experience.She will work closely withRobert Owen, BusterTolfree and Gavin Diamond

to enhance the productranges and develop thebusinesses. Commenting on Jo’sappointment Robert Owensaid:“I am delighted to

welcome Jo to the UTBteam and she joins at anexciting phase of the Bank’sdevelopment. Our firstforay into the Mortgagemarket with our SecondCharge loans proposition

has been a success withstrong growth and a verypositive reception frombrokers. Jo’s appointmentunderlines our commitmentto continue growing UTB’sMortgage and Bridgingbusinesses anddemonstrates theimportance we place onbuilding a strong team todeliver the high levels ofservice our customersdeserve.”

Jo Edwardsjoins the team

UTB News pdate

A team of sharpshooters from UTB’sBridging Division hosted 25 brokerguests at the World famous BisleyShooting ground in Surrey. Their aimwas a day of friendly clay shootingcompetition and a chance to catch upwith brokers away from the usualwork environment. Having benefitted from some

expert tuition from Bisley’s excellent coaching staff, the teamscompeted for the ‘Top Team’ and ‘TopGun’ titles on a variety of stands with

clay pigeons flying in from left and right and even clay ‘rabbits’bouncing along the ground. Someoutstanding shooting saw Peter Smithof Charles Cameron & Associates winthe individual ‘Top Gun’ trophy whilstUTB’s Kira Stein won the ‘ClayConservationist’ award for the mosttargets escaping unharmed.With the hits and misses

recollected over a delicious lunch,hosts and guests agreed that it hadbeen an exciting and enjoyable day.

Bridging hits some tough targets

Nicholas Clegg CBE became Chairman ofUnited Trust Bank in 2001 and when hedecided to retire earlier this year, theBank’s board of Directors knew he wouldbe a very hard act to follow.After an extensive search for a

successor, the Bank was delighted toannounce the appointment of RichardMurley, a highly experienced investmentbanker and Chairman of the UniversityCollege London Hospitals FoundationTrust (UCLH). UCLH is one of the mostcomplex NHS trusts in the UK comprisingsix hospitals with over 8000 staff servinga large and diverse population.A qualified solicitor, Richard has spent

most of his career working with some ofthe best known investment banks and

UTB welcomes its new Chairman

between 2003 and 2005 he took up asecondment as Director General of TheTakeover Panel. He later joined NMRothschild & Son where he is anExecutive Vice Chairman.

Upon his appointment, RichardMurley commented:“I am delighted to be joining the

board of United Trust Bank and I’mvery much looking forward toassisting the management team asthey move the Bank into the nextstage of its successful development.One of my key considerations will

be helping to continue the smoothtransition from a successful butrelatively small, specialist Bank to onewhich will increasingly appear on abigger stage. Ensuring that theappropriate systems and processes arein place to enable the Bank tocontinue its impressive growth whilstmaintaining the same high standardsof financial management, customerservice and regulatory compliance willbe high on my list of priorities.”

A team of six runners from UTBtook part in the Royal Parks HalfMarathon on the 9th of Octoberto raise money for two fantasticcharities. Between them theyraised around £2000 for Bliss,the charity which aims toprovide care and support forpremature and sick babies, andthe Great Ormond StreetHospital. UTB generouslycontributed £600 to thefundraising total.

Sarah Wood, Nick Wakefield,William Gould, Pia Winters, TonyHumphreys and Mark Heaphy allcompleted the race which windsit way through central Londonand four of its Royal Parks – HydePark, The Green Park, St James’sPark and Kensington Gardens.Mark Heaphy came a

creditable 71st in the 16,000strong field in a time of01:22:21, around 13 minutesbehind the race winner.

ROYAL RUNNERS

Market information pdate

YEAR MONTH LENDING(£ms)

2015

September 20,067

October 21,767

November 20,389

December 19,655

2016

January 18,530

February 18,025

March 26,275

April 17,676

May 17,931

June 21,532

July 21,071

August 22,075

September est. 20,500

Land Registry House Price Index Average annual price changeOctober 2016

Annual house price growth slowed in October

CML gross mortgage lending

Source: CML – October 2016

Source: Savills Research primemarket forecasts 2017-21

Further information and forecasts for themainstream and rentals market, together withtransactions, can be found in the Savills ResidentialProperty Focus 2016 Q4 at www.savills/research

At United Trust Bank we look closely at a range of different charts,statistics and predictions to help us understand an ever-changingeconomic environment. Included within these are the excellentmarket reports from Savills from which our first chart is taken, andthe latest house price data from the Land Registry and Nationwide.

Additionally, gross lending figures from the Council of MortgageLenders provide a clear picture of activity in the mortgage market.It is by looking at these different statistics and others that enableus to understand and appreciate the conditions within which ourcustomers operate.

• House prices were unchanged month on month in October

• Annual house price growth slowed to 4.6% from 5.3% in September

Source: Nationwide – November 2016

NB: These forecasts apply to average prices in the second hand market. New build values may not move at the same rate

Price, monthly change and annual change by country and government office region

Country and government office region Price Monthly change Annual change

England £235,573 1.4% 9.2%

Northern Ireland (Quarter 2 - 2016) £123,241 3.8% 7.8%

Scotland £144,561 1.3% 4.3%

Wales £144,514 -0.6% 2.7%

East Midlands £175,610 1.6% 7.6%

East of England £276,952 1.4% 13.3%

London £488,908 1.3% 12.1%

North East £127,385 -0.2% 3.0%

North West £151,489 0.9% 6.3%

South East £317,904 1.9% 12.2%

South West £243,226 2.3% 9.0%

West Midlands Region £179,429 1.6% 6.9%

Yorkshire and The Humber £152,394 0.6% 4.9%

Prime market five year forecasts

The specialist perspective

Call us today 020 7190 5555

www.utbank.co.uk

Asset Finance I Bridging Finance I Development Finance I Professional Lending I Specialised Mortgages I Technology Finance

we understand specialist banking

17708 Update Autumn16_v6aa 03/11/2016 17:30 Page 12