Castle Trust has received continuing professional development accreditation from the Chartered Insurance Institute for its Partnership mortgage adviser training course.
As a result of the accreditation, the training for partnership mortgages counts towards the CPD of mortgage advisers, accounting for a total of 25 credits towards the CII member CPD scheme.
The new lender is still waiting for FSA authorisation but, all being well, plans to launch early next year.
Castle Trust announced in June its plans to offer partnership mortgages as well as investment and savings products based on house prices.
The partnership mortgages will offer borrowers under the age of 55 with a 20 per cent deposit an additional 20 per cent, so they can access a 60 per cent LTV deal from another lender. When the property is sold or the mortgage term ends, the borrower repays the 20 per cent advance plus 40 per cent of any increase in the property’s value, but if the house decreases in value Castle Trust will pay borrowers 20 per cent of the loss.
Castle Trust managing director Mike Hughes says: “We are very pleased to have achieved this accreditation from the CII, which confirms that our training and testing is clear and comprehensive.”