Castle Trust Bank has revamped its TermTen BTL product.
The revised option — available for standard BTLs, HMOs, MUFBs, holiday lets and portfolio BTLs — offers loans up to £15m at maximum 75% LTV, at a rate of 4.96%.
The rate is fixed for five years, with ERCs payable only during the fixed-rate period.
Castle Trust Bank can consider applications from all types of BTL investors, including portfolio landlords, first-time landlords, individual and limited companies – including complex structures.
Loans are also available to ex-pats and foreign nationals.
The revamped TermTen product features a booking fee of 0.07% which is payable when a credit-backed DIP has been agreed — the booking fee will secure the rate for 120 days once the terms have been issued.
If the loan completes within this timeframe, the booking fee will be deducted from the arrangement fee at completion.
Barry Searle, managing director of property at Castle Trust Bank (pictured above), said: “At a time where interest rates are so volatile, we’re introducing changes to provide brokers with certainty about the rate they can offer their clients.
“Our revamped TermTen loan not only provides BTL landlords with the opportunity to finance specialist or complex investments over a longer term than a traditional bridging loan, but it also now gives them the certainty of locking into the rate they are quoted during a DIP.
“In a rising rate environment, where lenders frequently increase their pricing, this new feature provides peace of mind that — as long as the loan completes within 120 days, the rate a broker quotes to their client is the rate that they are guaranteed to get.”
