Castle Trust Bank has announced some fantastic news for anyone looking to buy a property, with big cuts to interest rates on a range of mortgages.
There’s good news whether you’re thinking of making some home improvements or becoming a landlord, as Castle Trust Bank has reduced rates on many of its mortgages. Let’s break down what’s changing:
Big Savings for Renovation Projects
If you’re planning a major renovation, the heavy refurbishment mortgage could be just what you need. This mortgage allows you to borrow money in stages as the work progresses. Castle Trust Bank has slashed the rate on this product from 0.99% to an incredible 0.90%. That’s a significant saving!
For smaller renovation projects, the light refurbishment mortgage also sees a rate reduction, dropping from 1.04% to 0.90%. And there’s even more good news – the maximum term of this mortgage has been extended from 12 months to 18 months, giving you more time to complete your project.
Landlords Benefit Too!
Castle Trust Bank hasn’t forgotten about landlords. Their TermTen buy-to-let mortgage has also received a rate cut, going down from 6.39% to 5.89%.
The TermTen mortgage is particularly flexible, as it can be used for:
- Small Houses in Multiple Occupation (HMOs)
- Multi-Unit Freehold Blocks (MUFBs)
- Holiday Lets
You can choose between two options for fees:
- 3.00% arrangement fee with a 1.00% exit fee
- 4.00% arrangement fee with no exit fee
A Boost for Borrowers
Anna Lewis, Commercial Director at Castle Trust Bank, commented on the changes:
“We’re delighted to be able to further enhance our lending proposition with these rate cuts, which will help more investors to make the most of the current market opportunities.”
These rate reductions come on top of other recent improvements Castle Trust Bank has made for borrowers, such as:
- Net loan-to-value (LTV) calculations: Designed to give you greater leverage.
- Heavy refurbishment bridging loans with drawdowns: A more cost-effective way to manage your renovation finances.
- Streamlined service and expert support: Making the whole process smoother.
So, if you’re thinking of buying or remortgaging a property, now could be the perfect time to explore the options available from Castle Trust Bank.