According to the lender, rates now start from 2.88% on their two-year fixed rate buy-to-let product range (up to 65% LTV) and from 3.05% (up to 75% LTV). Both are available on their individual and limited company offerings and a 1.5% arrangement fee applies.
Five-year fixed rates also start at 2.88% (up to 65% LTV) and 2.98% (up to 75% LTV). Again, both are available for individual and limited company, a 2% arrangement fee applies and calculated ICR at payrate.
CHL’s HMO/MUFB range sees the largest rate reductions at the 75% LTV band, with two-year fixed rates now starting from 3.08% and five-year fixed rates now beginning at 3.38%. Both are up to 75% LTV with a 2% arrangement fee.
All five-year products are calculated at ICR payrate, including HMO/MUFB and early repayment charges are 3/2% on two-year fixed rates and 5/4/3/2/1% on five-year fixed rates. Rental income for these products starts from 125% of the monthly mortgage payment and they are applicable for purchase or re-mortgage 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 investments including HMOs, MUFBs.
Ross Turrell, Commercial Director, CHL Mortgages commented: “Since launching four months ago, we have applied a competitive but cautious approach to our product pricing as our commitment to delivering a consistent service offering is paramount and underpins our lending proposition.
"Our wide distribution footprint with clubs, networks and Directly Authorised broker firms, means that we are confident that by making such competitive changes across our range will prove extremely popular and introduce us to many more new brokers seeking to use CHL Mortgages for the first time.”
