Castle Trust Bank has updated its TermTen buy-to-let (BTL) product as rates continue to rise.
The TermTen product has a reservation fee of 0.07%, which the lender says will “lock in” the current rate.
The fee is payable when a credit secured policy decision has been agreed and will guarantee the rate for 120 days once the terms have been issued.
If the loan ends within this time, the booking fee will be deducted from the arrangement fee on completion.
TermTen is available for 4.96% up to 75% loan to value (LTV) for loans on multi-occupancy homes, standard BTL properties, vacation rentals, portfolios and multi-unit blocks in full ownership.
The rate is fixed for five years, with a prepayment charge only payable during the fixed rate period, and the maximum loan amount is £15 million.
The lender said it would consider applications from all BTL investors, including portfolio owners, new owners, sole proprietorships and limited companies, including complex structures. Loans are also available for expatriates and foreign nationals.
Managing Director of Castle Trust Bank Property, Barry Searle, said: “Our revamped TermTen loan not only offers BTL owners the ability to finance specialist or complex investments over a longer term than a traditional bridge loan, but it also now gives them the certainty of locking in the rate they are quoted during a DIP.