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Castle Trust axes three chiefs after new hires

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Castle Trust chief executive Sean Oldfield

Castle Trust has made its head of lending James Neave, head of marketing Mikkel Bates and marketing manager Stephen Fairweather redundant.

Castle Trust says the departures come as a result of recent hires.

Last month, Castle Trust hired former Nationwide head of corporate accounts Paul Howard as managing director for mortgages and former Nationwide group distribution director Matthew Wyles as senior adviser to the board.

Chief executive Sean Oldfield says: “As we are now entering the rapid growth phase of our business plan, we have recently made some important, high profile hires. Inevitably that involves some rationalisation in other parts of the business.”

Castle Trust’s partnership mortgage allows borrowers who are under 55 and have a 20 per cent deposit to take a further 20 per cent from Castle Trust in order to qualify for 60 per cent LTV repayment mortgages from a separate lender.

The loan, available on properties valued up to £2m, is interest free for a 25-year term but requires a repayment of the original sum plus 40 per cent of the capital gained on the property when sold. Castle Trust shares 20 per cent of any reduction in property value.

In April, Money Marketing revealed Castle Trust is looking to launch a new partnership mortgage where borrowers only need a 10 per cent deposit.

Your Mortgage Decisions director Dominik Lipnicki says: “Hopefully the redundancies will not have an adverse effect on performance.”

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