The limited period offer applies to all Decision in Principles (DIPs) on term products issued by the bank until the close of business on 30 November.

This includes the lender’s Bridge to Let proposition, where a term plan is used for the exit route.

Barry Searle, managing director of mortgages at Castle Trust Bank, said: “One of the many advantages of becoming a bank is that it gives us greater flexibility to make changes to products and pricing where we identify demand in the market.

“A second lockdown is something that nobody wanted, but the property market remains open for business and there will continue to be opportunities for investors.

“This limited period discount will help investors to make the most of those opportunities and continue to stimulate activity in the market.

“The discount applies to our term products across a range of uses and can include property refurbishment as part of a term product or, where an investor would rather consider the value uplift in the term finance arrangement, on our Bridge to Let proposition.”

The cuts come just after Castle Trust Bank launched a range of buy-to-let products up to 75% LTV, with instant terms available from the lender’s BDMs.

The lender currently offers buy-to-let mortgages to UK residents, ex-pats, foreign nationals, SPVs and trading companies, with loans available for a variety of investments, including holiday lets, HMOs, portfolio loans and property refurbishment.