Castle Trust Bank has reduced the rate on one of its five-year buy-to-let fixes and extended its cashback deal.

Available at up to 75% LTV, the five-year fix has been cut by 59 basis points, bringing its rate to 4.15%.

The lender also lengthened the terms for its cashback offer, which sees it provide up to £5,000 plus VAT on valuation fees across its whole product range, from February 2022 until the end of April 2022.

As well as this, changes to its valuation criteria will see portfolios assessed on open market value, freehold blocks of up to 20 unites on aggregate market value and freehold blocks greater than 20 units in size on investment block value.

Castle Trust Bank sales director Rob Oliver says: “We know that the current environment and prevalence of the Omicron variant means many businesses in the property industry are currently working under capacity, which is prolonging the process for many transactions.

“It seems only right that we extend this [valuation cashback] offer to give as many customers the opportunity to benefit from it as possible.”