Castle Trust Bank has cut rates across its range, including heavy refurbishment with drawdowns, light refurbishment and its buy-to-let (BTL) product, TermTen.
The rate on the bank’s heavy refurbishment with drawdowns bridging product has been cut from 0.99% to 0.9%.
The sale exit rate on light refurbishment has been reduced from 1.04% to 0.9%. Meanwhile, the maximum term on light refurbishment has also been increased from 12 months to 18 months.
For BTL investors, TermTen, which can be used for small houses in multiple occupation (HMOs), multi-unit freehold blocks (MUFBs) and holiday lets, the rate has been cut from 6.39% to 5.89%.
TermTen comes with a choice of a 3% arrangement fee with a 1% exit fee, or a 4% arrangement fee with no exit fee.
Anna Lewis (pictured), commercial director at Castle Trust Bank, said: “At Castle Trust Bank, we’ve been consistently enhancing our lending proposition for property investors with improvements such as net LTV calculations to provide greater leverage and heavy refurbishment bridging loans with drawdowns, to provide a more cost-efficient way to complete their projects.
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“We’re delighted to be able to further enhance this proposition with these rate cuts, which will help more investors to make the most of the current market opportunities.”
