Lowest rate in the CHL 1 range now at 3.06%
Specialist buy-to-let lender CHL Mortgages has made significant reductions in interest rates across its CHL 1 product range, tailored for customers with a clean credit history and consists of standard buy-to-let and small house in multiple occupation (HMO) and multi-unit freehold block (MUFB) product types.
The lowest interest rate in the CHL 1 range is now 3.06% for a two-year fixed standard buy-to-let product up to 65% loan-to-value (LTV), with a 7% fee. The equivalent small HMO/MUFB product has seen a reduction to 3.08%.
For those seeking higher LTVs, deals start at 3.15% for standard buy-to-let and 3.17% for small HMO/MUFB at 70% LTV. Meanwhile, 75% LTV options are available starting from 4.34% for standard buy-to-let and 4.35% for small HMO/MUFB.
The five-year fixed rates under CHL 1 have also been repriced, with rates now starting at 4.47% for standard buy-to-let and 4.56% for small HMO/MUFB at 65% LTV. For 70% LTV options, rates begin at 4.52% for standard buy-to-let and 4.59% for small HMO/MUFB, while 75% LTV products start from 4.57% for standard buy-to-let and 4.62% for small HMO/MUFB.
The buy-to-let lender said the CHL 1 range, launched last November, offers flexibility in product fees, allowing consumers to choose from 2%, 5%, and 7% options.
“With five-year swap rates improving on the back of better global inflation forecasts, we are pleased to bring in some welcome rate reductions for the hard-pressed buy-to-let sector,” commented Ross Turrell (pictured), commercial director at CHL Mortgages. “This, along with a steady increase in rents, will see the affordability calculations start to go back into equilibrium.”
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