Castle Trust Capital has announced the launch of a new range of buy-to-let mortgages aimed at landlords with a recent and significant adverse credit record
The credit recovery range includes five tiers – from lightly impaired to heavy adverse – and will cater for applicants with a history of individual voluntary arrangements and recently discharged bankruptcy.
Rates are available from 6.99% at up to 75% LTV for purchase and up to 70% LTV for remortgage, for one-year to three-year terms.
Matthew Wyles, group executive director at Castle Trust Capital (pictured above), said: “Most buy-to-let investors with an adverse credit history are desperately short of options and we are now launching a fresh new alternative.
“By offering our unique credit review service after 12 months and by using short-dated products – which don’t lock customers into high rates as their credit improves – we are making sure this disadvantaged minority is treated fairly.
“It’s brand new thinking in this market, so it made sense to pilot the launch with a distribution partner which shared our vision. “
Castle Trust worked with Brightstar Financial to develop the product and the initial launch is being piloted exclusively through the specialist distributor.
Rob Jupp, chief executive officer at Brightstar Financial, added: “We are always keen to work with lenders who spot a genuine customer need and take a pragmatic approach to developing the right solution – and the credit recovery range from Castle Trust is a fantastic example of exactly that.”
A roll-out to Castle Trust’s strategic partners is planned over the course of the next three months.
