Castle Trust Bank has revamped its TermTen buy-to-let (BTL) product as part of a move to offer brokers and their clients more certainty amid rising interest rates.
The revamped product features a booking fee of 0.07% to ‘lock in’ the current rate.
Castle Trust Bank confirmed the fee is payable when a credit-backed decision-in-principle (DIP) has been agreed and will secure the rate for 120 days once the terms have been issued. If the loan completes within this timeframe, the booking fee will be deducted from the arrangement fee at completion.
The firm’s TermTen is available for 4.96% up to 75% LTV for loans on HMOs, standard BTL properties, holiday lets, portfolios and multi-unit freehold blocks (MUFBs). The rate is fixed for five years, with early repayment charges (ERCs) payable only during the fixed rate period, and the maximum loan size is £15m.
“At a time where interest rates are so volatile, we’re introducing changes to provide brokers with certainty about the rate they can offer their clients,” said managing director of property at Castle Trust Bank, Barry Searle.
“Our revamped TermTen loan not only provides BTL landlords with the opportunity to finance specialist or complex investments over a longer term than a traditional bridging loan, but it also now gives them the certainty of locking into the rate they are quoted during a DIP.
“In a rising rate environment, where lenders frequently increase their pricing, this innovative new feature provides peace of mind that, as long as the loan completes within 120 days, the rate a broker quotes to their client is the rate that they are guaranteed to get.”
AI, finfluencers and the future of broking
The mortgage industry is evolving faster than ever. In this MoneyAge video, we examine the opportunities and challenges redefining the broker landscape, from AI-powered lending and changing customer expectations to housing affordability, property supply and the rise of financial influencers. Our guest from Chorley Building Society shares practical insights on what brokers need to do to stay relevant and thrive in a rapidly changing market.
Perenna and the long-term fixed mortgage market
Content editor, Dan McGrath, spoke to head of product, proposition and distribution at Perenna, John Davison, to explore the long-term fixed mortgage market, the role that Perenna plays in this sector and the impact of the recent Autumn Budget
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories