First 4 Bridging launches semi-exclusive buy-to-let product with Castle Trust Bank
First 4 Bridging (F4B) has launched a semi-exclusive buy-to-let (BTL) product with Castle Trust Bank.
The product has a 5-year term with a 2-year ERC at a rate of 4.5%. It has a maximum loan-to-value (LTV) of 75% and an arrangement fee of 2%.
It is available to first-time landlords and portfolio landlords for residential and remortgage purposes, has a minimum loan size of £150,000 and a maximum loan size of £2m.
Donna Wells, director at F4B, said: “We are experiencing a huge uplift in activity levels across all areas of the BTL sector as a range of investors continue to take advantage of some favourable market conditions, highly competitive rates and strong service levels, especially from specialist lenders.
“Many landlords are looking for lenders with flexibility on how interest is serviced and who have the appetite to make lending decisions based on some unconventional circumstances.
“As such, Castle Trust has become a great option for many and we fully expect this to be a popular product amongst new and existing intermediary partners when servicing the needs of their landlord clients.”
Rob Oliver, sales director at Castle Trust Bank, added: “This semi-exclusive product offers a low 5-year fixed rate with a 2-year ERC, up to a maximum of 75% LTV.
“It means that the ICR calculation can be based on the product rate, but also gives landlords the opportunity to refinance or sell after 2 years without penalty and this flexibility is crucial in the current uncertain environment.
“When we chose the distributors to offer this semi-exclusive product we wanted to partner with firms that match our own commitment to excellent service, and the team at First 4 Bridging fit the bill. We’re looking forward to working together with them to help more property investors unlock even more opportunities.”