Castle Trust Capital has launched a new set of mortgage products – known as Series 2 – in line with the lender’s existing Series 1 product set.
The fixed rate Series 2 offers a range between 4.99% and 6.99% and targets larger buy-to-let portfolio deals in the £1 million to £25 million range, including apartment blocks and HMOs. Arrangement Fees are typically in the 1% to 2% range.
These fresh mortgage products are available on a first charge basis – Series 1 already accommodates second charges – exclusively with terms of two to five years. Rental property is required to produce income and typically let on standard assured shorthold tenancy agreements (ASTs).
Where rental income does not support the servicing of the full loan amount, Series 2 offers the option to roll up some of the interest.
Series 2 offers the option to roll up some of the interest where rental income does not support the servicing of the full loan amount. Limited Companies can also benefit, given the obligors are UK nationals currently residing in the UK.
Matthew Wyles, executive director at Castle Trust Capital, said: “Series 2 signals our renewed commitment to a highly competitive offering to professional and portfolio landlords.”
“We believe that, during the next three years, larger, corporate buy-to-let players will grow their market share at the expense of the smaller and less experienced landlords.”
He added: “We intend to be the go-to lender for those professional investors and we have ambitious plans to grow this segment of our business significantly.”
Castle Trust’s Series 1 product will continue to concentrate on clients with more complex needs including expats, foreign nationals and impaired credit.