Castle Trust launches refurb-to-let
The product, which is available on a first and second charge basis, comes on a 12 month basis with rates starting from 0.55% per month (6.59% pa) plus fees.
The maximum loan-to-value is typically 80% (based on Day 1 value) including any rolled up interest.
Matthew Wyles, Castle Trust Capital’s group retail director said: “The Chancellor’s recent Budget shock on the deductibility of buy-to-let mortgage interest-only, serves to emphasise the importance of maximising the rental value of BTL property.
“Our product allows the landlord to hold vacant property with, crucially, no need to service interest for up to a year whilst upgrading.
“Permissible improvements can include both internal and external work provided no planning consent is required. This includes kitchens, bathrooms, wiring and redecoration.”