CHL Mortgages relaunches products, Foundation cuts rates
Specialist lenders CHL Mortgages and Foundation Home Loans have both announced updates to their product offerings, aiming to enhance their support for landlords and property investors in the buy-to-let market.
CHL Mortgages has relaunched its specialist product range, which had been withdrawn earlier this year. The range includes products tailored for landlords seeking finance for trading companies, short-term tenancies, and larger or more complex houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
The large HMO/MUFB range, designed for properties with up to 10 bedrooms or units, features two- and five-year fixed rates starting from 4.67%, with up to 75% LTV available and various fee options. CHL Mortgages’ offering also caters to complex HMO or MUFB properties, such as those with bespoke accommodations or shared utilities.
The lender has also reintroduced its short-term let range, supporting property investors using platforms like Airbnb, with two- and five-year fixed rates starting from 5.76% up to 75% LTV, along with a choice of fee options.
CHL’s expanded adverse criteria offering aims to support borrowers with minor credit issues, recognising the challenges of managing multiple tenancies and credit accounts.
“This relaunch, following our core buy-to-let range refresh and introduction of a range of limited edition products, further underlines our continued commitment to the specialist buy-to-let market,” said Ross Turrell (pictured left), commercial director at CHL Mortgages.
“Combined with our human-focused underwriting approach, these enhanced product ranges offer our intermediary partners and their clients the support needed to maximise their investment opportunities."
Meanwhile, Foundation Home Loans, through its Buy to Let by Foundation brand, has announced price cuts across a range of buy-to-let products.
The lender has reduced rates by 15 basis points on its F1 and F2 two-year fixed rate products, now starting from 6.49% with a 1.5% fee. Additionally, rates on pound-for-pound F1 and F2 remortgage-only products have been cut by up to 10 basis points (bps), starting at 6.64% with a 1.5% fee, with all applicants assessed at pay rate with an ICR of 125%.
Also repriced are the following products: F2 two-year fixed rate Large Portfolio product, cut by 10bps to 6.79%, with one free standard valuation, no application fee, and a 1.25% product fee; F2 two-year fixed rate HMO products, reduced by up to 10bps, starting from 6.74% with a 2% fee; and F2 two-year fixed rate Short-Term Let products, cut by up to 5bps, starting from 6.89% with a 2% fee.
Foundation has also reduced the product fee on its F2 five-year fixed rate Large Loan product by 0.25%, now at 1.25% for products up to 70% LTV. These cuts follow the recent launch of a five-year fixed rate limited edition product within its F1 tier, available up to 75% LTV with a rate of 5.59% and a 2.25% fee.
“We’ve noted a downward trend in rates, and we’re pleased to announce further price cuts across our F1 and F2 products,” said Tom Jacob (pictured right), director of product and marketing at Foundation Home Loans. “These adjustments support existing landlord borrowers and those seeking competitive remortgage rates. We’ll continue to monitor the market to ensure our buy-to-let product range remains competitive and meets the needs of advisers and their landlord clients.”
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