Castle Trust Bank has cut the five-year fixed rate on its TermTen landlord range by 110 basis points to 6.39%, on loans up to £5m.

The lender says these offers can be used for standard buy-to-let, houses in multiple occupation up to six rooms, multi-unit freehold blocks and holiday lets.  

It adds that a booking fee of 7bps can be used to guarantee this rate, as long as the deal is completed within 120 days of submission.  

The business has also made changes to its standard, light refurb and heavy refurb bridging ranges, to include sale and refinance exit options.  

It says that the terms of bridging cases with a sales exit strategy have been extended to 18 months, with no early repayment charges after three months, in light “of current market conditions”.  

For these loans, the maximum loan-to-value is up to 80% net and the maximum total-loan-to-gross-development value is 75%. This means that fees and interest can be added to the loan above the maximum LTVs, with a minimum loan size of £200,000. Rates start at 85bps.  

Castle Trust Bank commercial director Anna Lewis says: “We’ve listened to brokers and understand the challenges they are facing in the current economic climate.  

“Our specialist bridging proposition has been tremendously popular this year, and the inclusion of sale as an exit strategy will make the proposition even more accessible.   

“By increasing the term on sale cases to 18 months, we’ve recognised and acted upon current market conditions, and this enhancement will give property investors the time they need to help them achieve their target sale price.   

“Should they be able to achieve that earlier, there’s no early repayment charges if they repay the loan after three months.”