The CBTL is designed for borrowers who did not originally intend to rent their properties out and do not own any other rental properties.
To qualify the borrower or their family members must have lived in the property for a certain period.
The mortgage offers loans up to £100,000 at 80 per cent loan to value, subject to the lender’s internal confidence score.
Maeve Ward, commercial operations director at Central Trust, said: “We are constantly demonstrating how we ‘serve the underserved’ and today’s news is a great example of this. We are one of small group of special lenders who operate in Northern Ireland and can now offer our CBTL products in the region too.
“As a specialist lender we are used to degrees of complexity in borrowers and cases and can take a more nuanced view to areas where there is traditionally a restricted lending appetite. For instance, we look at affordability and income in a more holistic way and can usually lend more than a building society. Similarly, we accept adverse credit as part of our strategy to help borrowers to ‘repair and rebuild’. We also offer CBTL on both first and second charges.
“We believe there will be real demand for our CBTL proposition in Northern Ireland. Advisers will find that we are willing to listen to the applicant’s story and apply a common-sense approach to lending.”
