In this brief blog, we are going to discuss castle trust mortgages.

Who are castle trust mortgages?

Castle trust mortgages are provided by Castle trust. There were formed in October 2012 and have been going strong ever since.

Castle trust mortgages focus on customers with unique situations such as high assets and low income or unconventional income. These are areas where most mortgage lenders may avoid but castle trust mortgages are able to lend to these types of borrowers at reasonable rates and terms.

Castle trust mortgages state that buy to let investors, high net worth* individuals and business owners need a mortgage onder with imagination who can understand the difference between cash flow and net worth in a way which allows them to provide suitable mortgage options to the borrower.

Castle trust mortgages do not provide the mortgages themselves but their mortgages can be obtained through intermediaries such as mortgage brokers.

Customers

Castle trust mortgages focuses on three particular types of mortgage customers. 

Buy to Let customers

Buy to let Landlords who want to get a new buy to let mortgage, refinance an existing mortgage or borrow more, the products catered for include but are not limited to:

Holiday lets

Multiple properties on a single title

Student lets – including purpose-built

Portfolio loans

Property refurbishment

Business loan customers

If you are an entrepreneur and you want to raise capital on your premises for any of the below purposes:

Purchasing a business

Investing in business growth

Purchasing premises

Buying into a partnership

Tax bills

High Net Worth customers

Applicants who meet the high net worth test* as defined by the Financial Conduct Authority (FCA) and are looking to release capital from their home for the below “legal” purposes:

Property investment

Building work

Bridging refinance

Gifted equity – Bank of Mum & Dad

Tax planning

“*The FCA definition of high net worth is a customer with an annual net income of no less than £300,000 or net assets of no less than £3,000,000. Subject to compliance with regulatory requirements. Please note that an APRC is generated as part of the application process.”

Mortgage products

Castle trust mortgages do not offer residential mortgages 

.

Bridging loans

Bridging Loans

Bridging Refurb

Buy to let mortgages

Second Charge

Bridge Loans

Credit Recovery

Portfolio Landlords

Holiday Lets

HMOs

Multi-units

Ex-pats

Term Loans

Foreign Nationals

Purpose Built Student Accommodation

Low Yielding Property

Bridging Refurb

Owner occupier mortgages

Business Loans

High Net Worth

Castle trust mortgages also offer development finance.

You can view the castle trust mortgage lending criteria page here.

How to contact castle trust mortgages

You can contact castle trust mortgages on 0800 652 0008. 

How to apply for a  mortgage?

To apply for a  mortgage you may want to first contact a mortgage broker.

Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases. This could be over 11,000  mortgage products. This may have some advantages than going directly to a mortgage lender.

A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you.

After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle. This will allow you to shop for your home easier as more estate agents and sellers may take you seriously. Once you have found a home you want to buy the mortgage broker will then look to get you a mortgage offer.

This will come with a key facts illustration document which details out the features of your mortgage including how much you will pay per month if there are any limits such as early repayment fees, or annual overpayment limits.

If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer.

In this brief guide we discussed castle trust mortgages. If you have any questions or comments please let us know below.

If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.

You can also contact the debt charity “Step Change” if you are in debt and need help.


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