It also introduces new two-year fixed rates
Specialist buy-to-let lender CHL Mortgages has reduced fixed rates across all product ranges and launched new products.
The lender’s five-year fixed products for individual and limited company now start from 5.61%, while its newly introduced two-year fixed product range is priced from 5.75%.
House in multiple occupation (HMO) and multi-unit freehold block (MUFB) products now start from 5.66% for a five-year fix, with a two-year option from 5.80%. Five-year fix short-term lets start from 6.15%, with a two-year deal priced from 5.80%.
Across its core range, two- and five-year fixed rate products are available up to 75% loan-to-value (LTV), with multiple fee options to choose from to support landlord needs, depending on their circumstances.
The lender’s refurbishment range products are also available up to 75% LTV with interest rates now starting from 5.66%.
All of CHL Mortgages’ five-year fixed rate products interest cover ratio (ICR) are calculated at pay rate. For applications which include a combination of additional-rate/higher-rate/basic-rate payers, the lender will also consider a ‘blended ICR’ approach to determine loan affordability based on each borrower’s tax status and their personal share of ownership/rent to maximise ICR affordability for its landlord clients.
“With the economy and the financial markets showing signs of stability, we’re pleased to be able to lower interest rates and when combined with flexible fee options, affordability for the landlord continues to improve,” commented Ross Turrell (pictured), commercial director at CHL Mortgages.
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