The 4.74% tracker has been pegged to Bank Base Rate plus 0.74% until 1 June 2007 - significantly lower than other products in the sector - to win self-certification customers to CHL.
Trevor Child, Senior Marketing Manager at CHL, said: "This product signifies our intention to become as major a player in the self-certification market as we are already in buy-to-let. Intermediaries know that we offer top value in the buy-to-let market and we are sure that this new product will lead them to think the same about us for self-certification homeloans."
"This is the best-ever bank base tracker we have offered, but, at this rate, we can only offer it for a limited period," added Child.
Borrowers can pay off 20% of the original loan per annum without charge. No MIG is payable. The tracker has a maximum LTV of 90%. Self-certification loans up to £500,000 are available. For first-time buyers, a maximum LTV of 85% to £200,000 is available.
An uncapped procuration fee of 0.5% is payable. There is a 5% redemption penalty during the term of the tracker, but no extended tie-in.
