Castle Trust Bank relaunches TermTen to offer brokers greater choice
Castle Trust Bank has relaunched its TermTen Buy-to-Let product to offer brokers and their clients greater choice and more certainty.
The revamped TermTen now offers two arrangement fee options, giving brokers greater choice in selecting the most suitable product for their clients.
Option one has an interest rate of 7.15% up to 75% LTV, with an arrangement fee of 4.00% payable at completion. Option two has an interest rate of 7.25% up to 75% LTV, with an arrangement fee of 3.50% payable at completion. Both options have a redemption fee of 1.00%.
TermTen also secures the rate for 120 days once a credit-backed DIP has been issued, and a booking fee of 0.07% of the net loan amount has been paid. This fee is deducted from the arrangement fee at completion, and gives brokers and their clients certainty of rate.
Loans are available on HMOs, standard buy-to-let properties, holiday lets, portfolios and multi-unit freehold blocks (MUFBs). The rate is fixed for 5 years, with ERCs payable only during the fixed rate period.
Anna Lewis, commercial director at Castle Trust Bank, says: “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.”
