Jeff Knight, director of propositions at Castle Trust said: “Using our Partnership Mortgage for equity withdrawal is proving really popular amongst intermediaries. It is becoming increasingly established as a really useful financial tool for a range of client needs including divorce, business investment, tax planning or helping children onto the property ladder.”
“This incentive will also help those seeking to fund school fees or university accommodation in the autumn.”
The fees waived are the arrangement fee, usually at 2%, valuation fee and telegraphic transfer charge. In addition, solicitor’s fees will be waived if the client uses the Castle Trust scheme.
Castle Trust will lend 20% of the property value with no monthly servicing cost, but expects 40% of any growth if the property value rises.
The lender has just launched its Ultra-low first-time buyer loan and is also targeting SMEs in a bid to fill the sector’s lending gap.
