Lender aims to support investments to make the most of the current market opportunities
Castle Trust Bank has announced a series of rate cuts across its product range, in a move aimed at enhancing the bank’s lending proposition for property investors.
One of the key changes is the reduction in the rate for Castle Trust Bank’s Heavy Refurbishment with Drawdowns product, which has dropped from 0.99% to 0.90%. Its Light Refurbishment product also saw its sale exit rate lowered, falling from 1.04% to 0.90%. In addition to the rate reduction, the maximum term for Light Refurbishment has been extended from 12 months to 18 months, providing more flexibility for property investors engaged in lighter projects.
The bank’s buy to let product, TermTen, which caters to small houses in multiple occupation (HMOs), multi-unit freehold blocks (MUFBs), and holiday lets, also saw a significant rate cut. The interest rate on TermTen has decreased from 6.39% to 5.89%. This product offers two options for investors: a 3.00% arrangement fee with a 1.00% exit fee, or a 4.00% arrangement fee with no exit fee.
“We’ve been consistently enhancing our lending proposition for property investors,” said Anna Lewis (pictured), commercial director at Castle Trust Bank. “[The recent rate cuts are] in addition to our streamlined service delivery and expert BDM support. We’re delighted to be able to further enhance this proposition with these rate cuts, which will help more investors to make the most of the current market opportunities.”
Castle Trust Bank became a fully authorised bank in 2020 and provides lending solutions for property investors, savings products for individual customers, and finance solutions for businesses. The bank serves over 180,000 customers and manages £775 million in lending assets.
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