The partnership mortgage offers 20% of the value of a home, available to good credit customers who are buying their main home with a deposit of at least 20% of the price, or remortgaging, with at least 20% equity remaining after taking out the partnership mortgage.
Customers must also have a repayment mortgage from another lender for the balance of between 20% and 60%. The amount repaid on the partnership mortgage will depend on the change in the value of the property, and the customer controls when they repay it.
The mortgages will be available only through advisers who have successfully completed the CII-accredited training programme, which accounts for a quarter of a broker’s annual CPD hours. Castle Trust said the training takes between seven and 15 hours to complete.
John Charcol is an accredited intermediary with Castle Trust, but the lender said it is aiming to enlist more firms by the end of the year.
Castle Trust commercial director, Mike Hughes, said: “As part of our commitment to treating customers fairly, partnership mortgages will only be available through advisers who have successfully completed this training course. Congratulations to Kate for being the first to achieve this qualification.”
John Charcol head of sales, Dan Jolly, added: “Partnership mortgages are a welcome addition to the mortgage market so we’re very excited to be leading the way as the first firm with a qualified adviser. As ever, John Charcol places customers at the heart of everything it does, so we fully support this training for the good of our advisers and, ultimately, clients.”
[Picture: From left to right: Dan Jolly, Kate Baker and Mike Hughes]
