"Alongside these rate cuts, the launch of a new product into our CHL 2 range will provide investors with even more choice when looking to potentially make savings in the long run by paying a higher fee up front"
- Darrell Walker - CHL Mortgages for Intermediaries
CHL Mortgages has announced that it has cut rates across its buy-to-let product range, with reductions of up to 32 basis points.
The changes include a 32bps drop in pricing on the CHL 1 limited edition range. Two-year fixed rates now begin at 2.35%, while five-year fixed options start from 4.40%.
The lender has also made cuts to its CHL 2 range, with two-year fixed rates reduced by 30bps to start at 2.59%. Five-year fixed rates in the same range have been lowered by 10bps, now starting at 4.68%.
In a further update, CHL Mortgages has added new products to its CHL 2 range: two-year fixed rate deals at 75% loan-to-value with a 7% product fee. These may appeal to investors seeking lower monthly repayments in exchange for a higher upfront cost.
The CHL 1 range is available for a broad mix of property types, including single-unit buy-to-lets, houses in multiple occupation (HMOs), and multi-unit freehold blocks (MUFBs) with up to six bedrooms or units. The CHL 2 range caters to more complex properties, such as large HMOs and MUFBs of up to 10 bedrooms or units.
Both ranges are open to individual and limited company landlords, offering a variety of product fees and lending up to 75% LTV.
“This major repricing across our buy-to-let range, with reductions of up to 32bps, reinforces our commitment to offering competitive and compelling solutions for landlords,” said Darrell Walker, group sales director at CHL Mortgages for Intermediaries and ModaMortgages (pictured). “Alongside these rate cuts, the launch of a new product into our CHL 2 range will provide investors with even more choice when looking to potentially make savings in the long run by paying a higher fee up front.”
