The new products complement the recently introduced three-year and lifetime trackers
Specialist buy-to-let lender CHL Mortgages has added new five-year fixed rates to its core product and refurbishment product ranges.
The lender said interest rates on the 2% fee products start from 6.85% and are available at up to 75% loan-to-value (LTV). There are also 3% and 5% product fee options at up to 70% LTV, with interest rates starting from 6.09%.
The following are the new five-year fixed rate products on CHL’s core product range.
Individuals and limited companies or limited liability partnerships (LLPs)
- 75% LTV five-year fixed rate of 6.85% with a 2% fee
- 70% LTV five -year fixed rate of 6.60% with a 3% fee
- 70% LTV five -year fixed rate of 6.09% with a 5% fee
Small houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs)
- 75% LTV five-year fixed rate of 6.89% with a 2% fee
- 70% LTV five-year fixed rate of 6.65% with a 3% fee
- 70% LTV five-year fixed rate of 6.15% with a 5% fee
Large HMOs and MUFBs
- 75% LTV five-year fixed rate of 6.95% with a 2% fee
- 70% LTV five-year fixed rate of 6.70% with a 3% fee
- 70% LTV five-year fixed rate of 6.19% with a 5% fee
Short term lets
- 75% LTV five-year fixed rate of 7.05% with a 2% fee
- 70% LTV five-year fixed rate of 6.80% with a 3% fee
- 70% LTV five-year fixed rate of 6.29% with a 5% fee
The buy-to-let lender’s new five-year fixes on its refurbishment product range, all at 75% LTV, are listed below.
Light Refurbishment
- Five-year fixed rate of 7% for individual and limited company/LLP
- Five-year fixed rate of 7.05% for small HMO/MUFB
EPC Improvement
- Five-year fixed rate of 6.95% for individual and limited company/LLP
- Five-year fixed rate of 7% for small HMO/MUFB
Cosmetic Improvement
- Five-year fixed rate of 6.90% for individual and limited company/LLP
- Five-year fixed rate of 6.95% for small HMO/MUFB
All of CHL’s five-year fixed rate products come with an early repayment charge (ERC) of 5%, 4%, 3%, 2%, and 1%.
The lender said the new products complement the recently launched three-year tracker and lifetime tracker products.
“In this challenging economic climate, five-year fixed rates provide the stability of payments for landlords, and enable lenders to take a lower rental cover calculation by using the pay rate,” Ross Turrell (pictured), commercial director at CHL Mortgages, commented.
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