Move expected to speed up transactions
Specialist lender Castle Trust Bank has announced that it has raised from £2 million to £3 million the maximum loan size on which it can use title insurance.
The bank can now utilise title insurance to expedite transactions on its bridge and light refurbishment bridging products on loans up to a maximum value of £3 million.
“Having a comprehensive title insurance policy in place enables a lender to focus on underwriting the fundamental elements of a bridging case and this supports a more efficient and effective application process,” explained Anna Lewis (pictured), commercial director at Castle Trust Bank.
“It also makes possible some transactions that would otherwise be impossible, where there are complicated legal issues surrounding the security. This gives a lender greater certainty, and it means that we can, in turn, provide greater certainty to brokers and their clients.
“Increasing the maximum loan size available to use title insurance to £3 million is a firm signal that at Castle Trust Bank, we are ready and willing to provide fast access to bridging finance on high value and often complex cases.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.