Castle Trust revamps TermTen buy-to-let product with ‘lock-in’ rate

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“At a time when interest rates are so volatile, we are introducing changes to provide brokers with certainty in the rate they can offer their clients.”

The revamped TermTen product has a 0.07% booking fee to “lock in” the current fare. The fee is payable when a credit backed DIP has been agreed and will guarantee the rate for 120 days once the terms are issued. If the loan ends within this time, the booking fee will be deducted from the arrangement fee on completion.

TermTen is available for an LTV of 4.96% to 75% for loans on standard buy-to-let properties, vacation rentals, portfolios, HMOs and MUFBs. The rate is fixed for five years, with ERCs payable only during the fixed rate period, and the maximum loan amount is £15 million.

Castle Trust Bank can consider applications from all types of rental investors, including portfolio owners, new owners, sole proprietorships and limited companies, including complex structures. Loans are also available for expatriates and foreign nationals.

Barry Searle, Managing Director of Property at Castle Trust Bank, said: “At a time when interest rates are so volatile, we are introducing changes to provide brokers with certainty in the rate they can offer their clients. Our revamped TermTen loan not only gives rental property owners the ability to finance specialized or complex investments over a longer term than a traditional bridging loan, it also now gives them the certainty of locking in the rate offered to them when a DIP.

“In a rising rate environment, where lenders are frequently raising their prices, this innovative new feature provides peace of mind that, as long as the loan ends within 120 days, the rate a broker quotes to their customer is the rate that they are guaranteed to get.”

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