Castle Trust launches Covid-19 'level three criteria'
Barry Searle

Castle Trust launches Covid-19 'level three criteria'

Castle Trust Bank has expanded its criteria to include bridge-to-let and first-time landlords as a result of the Covid-19 alert level being reduced to three from four.

The bank is currently lending on BTL assets only, up to a maximum LTV of 75% and an asset value up to £4m.

The minimum term for loans is three years, and there is an option for an ERC period of two years, with rates starting from 4.99%.

The bank managed its risk appetite during lockdown but, now restrictions are being lifted, it is reintroducing criteria to meet brokers’ demands.

Last week, Castle Trust announced that it had officially become a bank following the formal approval of its banking licence.

It plans to significantly grow its specialist lending as the market emerges from the lockdown period.

Barry Searle, managing director of mortgages at Castle Trust (pictured above), said: “I have a lot of sympathy for brokers in the current environment as so many lenders are vague about what they will and won’t lend on throughout this uncertain period. 

“We want to be very clear and open about our lending appetite so that brokers know exactly where they stand and can submit an application to [us with] confidence.

“We will continue to review our offering to ensure that we are meeting broker demand in a way that is responsible and appropriate for the environment and we’ll clearly communicate any changes so that brokers can advise their clients with greater certainty. 

“It’s nothing flashy, but we think it’s a sensible approach to communicating and lending that will help brokers navigate what is still a very difficult situation.”

Sign up to our newsletter to receive more news like this story

I accept that by joining the B&C mailing list, I will receive relevant news and promotional material via B&C on behalf of its partners and advertisers. Your data will not be passed on to any third party.
No, thanks, just the news please.

Leave a comment

Blonde teen Lidsey posing for you