Maximum LTV also up by 5%.
CHL Mortgages, an intermediary-only, specialist buy-to-let lender, has introduced a range of 7-year fixed rate products to its current proposition.
It has also increased its maximum loan-to-value (LTV) for individual and limited company borrowers from 75% to 80%.
The 7-year fixed rate comes with two fee options for applicants: up to 75% LTV, the 2% fee option has a rate of 3.25% while the 1% fee option goes at 3.45%. For up to 80% LTV, the 2% fee option is 3.64% and the 1% fee option, 3.79%.
A 7-year fixed rate for houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs) is available up to 75% LTV and likewise comes with two fee options: the 2% fee option has a rate of 3.45% and the 1% fee option has a rate of 3.65%.
CHL Mortgages is also offering new 2-year and 5-year fixed rates up to 80% LTV to individual and limited company applicants at a rate of 3.69% for 2-year fixes and 3.49% for 5-year fixes, each with a 2% fee.
A 1% fee option is also available at 4.19% for 2-year and 3.69% for 5-year fixes.
CHL Mortgages’ interest coverage ratio is calculated at pay rate on all its 5-year and 7-year products.
“These products … have been designed after listening to, and acting upon, feedback from intermediary partners who expressed a desire for additional choice and support when it comes to servicing the longer-term needs of their landlord clients in an uncertain interest rate environment,” said CHL Mortgages commercial director Ross Turrell (pictured).
CHL Mortgages currently services an estimated 30,000 mortgage loans, including buy-to-let and residential owner-occupied loans, with a total value of around £4bn.
