Castle Trust Capital has rolled out its new range of mortgages aimed at landlords with a recent and significant adverse credit record, following a successful pilot.
Credit Recovery mortgages are now available through all of Castle Trust’s packager partners, which include 3mc, AToM, Black Book Finance, Brightstar, Complete FS, Connect Mortgages, Positive Lending, TFC Homeloans, TBMC and Y3S.
The range has options for landlords with impaired credit, including those with a history of IVAs and recently discharged bankruptcy.
Matthew Wyles (pictured), group executive director at Castle Trust Capital, said: “We launched a pilot of our Credit Recovery mortgages in October and, in just a few weeks, we have seen the pent-up demand from buy to let investors with an adverse credit history. So, it is time to roll out the range to all of our packager partners and provide this fresh new alternative to landlords who have previously been so desperately short of options.
“Credit rehabilitation is an important element of our offering and with our unique Credit Review Service, we provide customers with the opportunity to move to lower rates as their credit position improves. It is new thinking in this market and a new opportunity for intermediaries to provide more attractive solutions to this disadvantaged minority.”
Castle Trust will also offer an annual Credit Review Service. After 12 months, the lender will, on request, review a customer’s credit history and may be able to offer a new product in a lower risk tier, if the credit position has improved.
Rates are available from 6.99%, and Castle Trust will price cases individually based on the credit profile of the customer. The enquiry process will leave a so-called “soft” credit footprint which will not impact on the applicant’s credit score.
Loans are available up to 75% LTV for purchase and up to 70% LTV for remortgage, for terms of one year to 3-years.