20 Jun New Lender on the Block
The lack of funding in the mortgage market has opened up new ways for new players to enter the world of mortgage lending.
Sir Callum McCarthy, former chairman of the FSA, is heading up a new lender, Castle Trust. The firm will offer partnership mortgages. They will stump up 20% of the property value for the deposit ( on which there is no monthly cost) and on sale will take 40% of the profit ( or a 20% hit if sold for a loss!!).
Its not a perfect solution..more of a nice start. I’m sure the finer details will outline how viable such a product will be. Many have tried, few have succeeded!!!
No Comments