Secured loan lender Central Trust has launched into the buy-to-let market.
The lender, which launched into the broker market for the first time in 2011, is offering a range of variable rates from 9.99 per cent and three-year fixed rates starting at 10.99 per cent.
The products are aimed at landlords looking to release equity without remortgaging.
Central Trust is capping LTVs at 75 per cent and loans are available from £3,000 to £70,000. Borrowers can use their rental income as proof of repayments.
Central Trust commercial director Buster Tolfree says: “Simply put, nobody else in the market offers buy-to-let second charges to 75 per cent LTV, on a fixed rate basis or with only a 58 day ERC and unlimited overpayments.
“These features place us right at the cutting edge for buy-to-let second charges. The reaction from our introducers has been amazing and we look forward to launching further innovative products in the future.”
The Loans Engine head of intermediary channel Tom Garratt says: “Securing a loan on a rental property is an effective means of raising funds for a variety of reasons, such as renovation of the property or raising the capital needed to place a deposit on another buy-to-let property.
“But the introduction of a fixed rate term on a second charge buy-to-let product, certainly raises the bar and will prove to be popular amongst our introducers.”