Home LoanMortgage Castle Trust Bank updates TermTen BTL product

Castle Trust Bank updates TermTen BTL product

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Castle Trust Bank has updated its TermTen buy-to-let (BTL) product as rates continue to rise.

The TermTen product has a booking fee of 0.07%, which the lender says will ‘lock in’ the current rate.

The fee is payable when a credit-backed decision in principle has been agreed and will secure the rate for 120 days once the terms have been issued.

If the loan completes within this timeframe, the booking fee will be deducted from the arrangement fee at completion.

TermTen is available for 4.96% up to 75% loan to value (LTV) for loans on houses in multiple occupations, standard BTL properties, holiday lets, portfolios and multi-unit freehold blocks.

The rate is fixed for five years, with early repayment charges payable only during the fixed rate period, and the maximum loan size is £15m.

The lender says it will consider applications from all BTL investors, including portfolio landlords, first-time landlords, individual and limited companies, including complex structures. Loans are also available to ex-pats and foreign nationals.

Castle Trust Bank managing director of property Barry Searle says: “Our revamped TermTen loan not only provides BTL landlords with the opportunity to finance specialist or complex investments over a longer term than a traditional bridging loan, but it also now gives them the certainty of locking into the rate they are quoted during a DIP.”

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Publisher: Becky Bellamy

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