It also reduces rates on heavy refurb and standard bridging loans
Castle Trust Bank has introduced special edition rates on its light and heavy refurb bridging loans for cases completing before the end of July, with additional rate reductions on its standard bridge products.
The special edition rates on light refurb bridging loans have been reduced from 0.85% to 0.80% for loan-to-values (LTVs) between 70% and 80%. For LTVs up to 65%, the new rate is 0.75% per month, down from 0.85%, with no time limitations to qualify.
Similarly, rates on heavy refurb bridging loans have been reduced from 0.95% to 0.90% for LTVs between 70% and 80%. For LTVs up to 65%, the rate has been cut from 0.95% to 0.80% per month, with no time limitations to qualify.
Castle Trust Bank’s standard bridge products up to 70% LTV gross are now available at 0.75% per month, reduced from 0.85%, with no time limitations to qualify for these rates.
Earlier this year, the bank introduced ‘Bridge the Gap’ for borrowers nearing the end of their current fixed rate or bridging loans.
“Castle Trust Bank’s market-leading bridging range has gone from strength to strength since its launch, particularly with the introduction of Net LTV calculations on our specialist light and heavy refurb products, which allow fees and interest to be added above the maximum LTVs,” said Anna Lewis (pictured), commercial director at Castle Trust Bank.
“We’re delighted to now be able to make the range even more attractive to property investors, with this round of special edition pricing in the key 70% to 80% LTV band, together with other rate reductions at lower LTVs.”
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