Monday, August 2, 2021
Finance

CHL Mortgages announces rate reduction across BTL products

BTL

The lender says that rates will now start from 2.99% on their five-year fixed rate BTL product range and from 3.04% on its two-year fixed-rate BTL product range

CHL Mortgages has announced reduction in rates across its entire 65% loan to value (LTV) product range by up to 25bps.

The intermediary-only specialist buy-to-let lender says that rates will now start from 2.99% on their five-year fixed rate buy-to-let (BTL) product range (up to 65% LTV) and from 3.04% on its two-year fixed-rate buy-to-let product range (up to 65% LTV) for both individual and limited company offerings.

Highlights also include a five-year fixed rate 65% LTV limited company BTL offering at a rate of 3.19% with a 1.25% fee and a two-year fixed rate HMO/MUFB product which is available up to 65% LTV at a rate of 3.20%, down from 3.40%.

All five-year products are at payrate, including HMO/MUFB, and fees across the range start at 1%. Rental income for these products starts from 125% of the monthly mortgage payment calculated at payrate and they are applicable for purchase or remortgage purposes. Each BTL product has a minimum loan size of £25,001 and a maximum loan size of £1m.

The product range caters for first-time landlords, portfolio landlords and limited companies covering a variety of BTL investment vehicles including HMOs, MUFBs, new build, ex-local authority and commercial properties. Minor adverse will also be considered.

Ross Turrell, Commercial Director, CHL Mortgages commented: We have introduced these rate reductions on the back of an extremely positive market reaction and ongoing feedback from our expanding distribution panel.

The quality of the business we have received so far has been excellent and our processing team has coped admirably during our initial launch phase. This combination has provided additional confidence and conviction to create further capacity which will allow us to write even more business, he said.

He said the BTL market remains an extremely competitive lending arena, especially at the 65% LTV level, and the revamping of our product range will ensure that an increasing number of intermediaries will be able to tap into the type of products and service values which will make a real difference for their landlord clientele.

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