Central Trust has added a new one-year residential fixed rate option to its product offering.

It is available for first charge mortgages (on unencumbered properties only) as well as second charges, including across Central Trust’s Consumer Buy-to-let (CBTL), Family Let and Let 2 Buy ranges.

The product has been introduced to provide borrowers with a wider range of lending options in anticipation of improved market conditions and lower rates in 2024.

The one-year fixed rate is available up to 80% loan to value (LTV) with an Early Repayment Charge (ERC) of 1% applicable for the year. The minimum and maximum loan sizes are £10,000 and £250,000 respectively. The rate is from 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 one-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.

“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.”