Castle Trust Bank relaunches TermTen range

The first option has an interest rate of 7.15 per cent up to 75 per cent loan to value (LTV) and a four per cent arrangement fee which is payable on completion. The second option has a rate of 7.25 per cent up to 75 per cent LTV, with a 3.5 per cent arrangement fee, also payable on completion. 

Both offer a redemption fee of one per cent. 

The rate of a TermTen product can also be secured for 120 days once a credit-backed decision in principle (DIP) has been given and a booking fee of 0.07 per cent of the net loan amount has been paid. 

This fee is deducted from the arrangement fee at completion. 

‘Allowing brokers greater control’

The product can be lent against houses in multiple occupation (HMO), standard buy-to-let properties, holiday lets and multi-unit freehold blocks (MUFBs). It is fixed for five years and early repayment charges apply during the fixed rate period. 

Anna Lewis (pictured), commercial director at Castle Trust Bank, said: “Our new TermTen range gives property investors the certainty of locking into the rate they are quoted during a DIP and offers a choice of booking fee options, which allows brokers greater control in selecting the best solution for their clients. 

“Alongside our dedicated bridging proposition, our new TermTen products will help brokers continue to meet the needs of property investors, delivering flexibility, choice and certainty, even in this challenging environment.”