Central Trust, the first and second charge lender, has added a new 1-year residential fixed rate option to its product range.
This option is available for first charge mortgages (on unencumbered properties only) and second charges, including the lender’s consumer buy-to-let (CBTL), Family Let, and Let 2 Buy ranges.
The introduction of the one-year fixed rate aims to provide borrowers with a wider range of lending options in anticipation of better market conditions and lower rates in 2024.
The rate is available for up to 80% loan-to-value (LTV) with an Early Repayment Charge (ERC) of 1% applicable for the year.
Loan sizes range from a minimum of £10,000 to a maximum of £250,000, with rates starting at 8.83%.
The product is available across England, Wales, Scotland, and Northern Ireland.
Maeve Ward (pictured), commercial operations director at Central Trust, said: “As consumers continue to navigate an economy of uncertainty, we hope that a 1-year fixed rate product will provide certainty of payment.
“It also offers the freedom to leave for those who are more optimistic about further rate rises and the possibility of rates settling down over the next 12 months.”
She added: “It allows clients to borrow with confidence, restructuring their finances or enhancing their property with a view to remortgaging without penalty.
“2023 continues to be a year of continuous evolvement for Central Trust as we strive to support those otherwise underserved, extending our reach as far as possible.”
