It aims to offer brokers and their clients greater choice and more certainty of rate
Castle Trust Bank has relaunched its TermTen buy-to-let product, which now offers two arrangement fee options, providing brokers more choices in selecting the most suitable product for their clients.
The first option has an interest rate of 7.15% up to 75% loan to value (LTV), with an arrangement fee of 4% payable at completion. The second one has an interest rate of 7.25% up to 75% LTV, with an arrangement fee of 3.5% payable at completion. Both options have a redemption fee of 1%.
TermTen also secures the rate for 120 days once a credit-backed Decision in Principle (DIP) has been issued, and a booking fee of 0.07% of the net loan amount has been paid. This fee is deducted from the arrangement fee at completion, giving brokers and their clients certainty of rate.
Loans are available on houses in multiple occupation (HMOs), standard buy-to-let properties, holiday lets, portfolios and multi-unit freehold blocks (MUFBs). The rate is fixed for five years, with early repayment charges payable only during the fixed-rate period.
Read more: Castle Trust Bank bolsters bridging sales team.
“Our new TermTen range gives property investors the certainty of locking into the rate they are quoted during a DIP, and offers a choice of booking fee options, which allows brokers greater control in selecting the best solution for their clients,” said Anna Lewis (pictured), commercial director at Castle Trust Bank.
“Alongside our dedicated bridging proposition, our new TermTen products will help brokers continue to meet the needs of property investors, delivering flexibility, choice and certainty, even in this challenging environment.”
Castle Trust Bank offers bridging loans and buy-to-let mortgages for all types of investors, including portfolio landlords, first-time landlords, individual and limited companies – even those with complex structures. Loans are also available to expats and foreign nationals.
