A new 10-year term loan has been introduced by Castle Trust which is fixed for five years before reverting to the lender’s standard variable rate.
The mortgage product, called a TermTen, is available for buy-to-let, with serviced interest and a loan-to-value (LTV) of up to 75%.
The maximum LTV increases to 80% for loans of £500,000 or less.
The minimum loan size on TermTen is £50,000, with the maximum set at £15m.
Annual rates start at 4.49% with no early repayment charges payable after five years.
Marcus Dussard, sales director at Castle Trust, commented: “The market is changing, and while there remain plenty of opportunities for investors, those opportunities tend to be longer term — with a flat property market and stagnant house prices providing little for short-term investors to get excited about.
“TermTen has been developed as a direct response to this demand from investors, providing them with the safety of a 10-year term and the flexibility to refinance penalty-free after five years.”
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Is anybody going to borrow from these people when you can get 5 year 75% rates at around 2.5%? Add to that the tax restrictions, the effective rate for higher rate taxpayers amounts to about 6%, all but wiping out any return from their investment.
At 1.49% it's news otherwise a typo perhaps.
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