Rates across all its five- and two-year fixes were cut by up to 0.50%
Specialist buy-to-let lender CHL Mortgages has slashed its rates across all its five- and two-year fixed rate buy-to-let mortgages by up to 0.50%.
The intermediary-only lender said a 0.45% reduction has been applied to its five-year fixed rate individual and limited company or limited liability partnership (LLP) products, now at 6.19%. House in multiple occupation (HMO) or multi-unit freehold block (MUFB) five-year fixes are reduced by 0.50%.
Small HMO or MUFB for up to six bedrooms or units now has a rate of 6.24%, while the rate for the large HMO or MUFB product for up to 10 bedrooms or units sits at 6.29%.
The five-year short-term-let fixed rate product has also reduced by 0.50% and is now 6.24%, while a cut of 0.45% has been applied to all five-year fixes in the refurbishment range, with rates starting from 6.29%. The two-year fixed refurbishment products are reduced by 0.40%, with rates now starting from 6.30%.
All five-year fixed rate products are available to a maximum of 70% LTV, with a 3% product fee and have an ERC percentage of 5/4/3/2/1. The two-year fixed refurbishment products are also available to a maximum of 70% LTV, with a 3% product fee, with an ERC percentage of 3/2.
The lender said pricing of its lifetime tracker products in the refurbishment range did not change.
The following are CHL Mortgages’ new rates under its new core product range.
Individuals and limited companies/LLPs:
- Five-year fixed interest rate of 6.19%
Small HMOs and MUFBs:
- Five-year fixed interest rate of 6.24%
Large HMOs and MUFBs:
- Five-year fixed interest rate of 6.29%
Short Term Lets:
- Five-year fixed interest rate of 6.24%
Under the new refurbishment product range, the rates are as follows.
Light refurbishment
- Five-year fixed interest rate of 6.34% (Individual and limited company/LLP)
- Two-year fixed interest rate of 6.35% (Individual and limited company/LLP)
- Five-year fixed interest rate of 6.39% (Small HMO/MUFB)
- Two-year fixed interest rate of 6.40% (Small HMO/MUFB)
EPC improvement
- Five-year fixed interest rate 6.34% (Individual and limited company/LLP)
- Two-year fixed interest rate of 6.35% (Individual and limited company/LLP)
- Five-year fixed interest rate of 6.39% (Small HMO/MUFB)
- Two-year fixed interest rate of 6.40% (Small HMO/MUFB)
Cosmetic Improvement
- Five-year fixed interest rate of 6.29% (Individual and limited company/LLP)
- Two-year fixed interest rate of 6.30% (Individual and limited company/LLP)
- Five-year fixed interest rate of 6.34% (Small HMO/MUFB)
- Two-year fixed interest rate of 6.35% (Small HMO/MUFB)
The full CHL Mortgages product range caters for first-time landlords, portfolio landlords, limited companies and LLPs, covering a variety of BTL investments, including HMOs and MUFBs.
“As the money markets have stabilised, we have taken the opportunity to reduce our rates,” Ross Turrell (pictured), commercial director at CHL Mortgages, said. “The reduction in the five-year fixed rate products which are stressed at pay rate should help our intermediary partners generate a higher maximum advance for their landlord clients.”
