CHL expands buy-to-let offering

The products; four fixed rates and two tracker rates; are as follows:

• 5.59 per cent two-year fix. The product matures on 31 May 2010 and comes with a completion fee of 2.5 per cent of the advance. After maturity the product reverts to Bank Base Rate (BBR) plus 1.09 per cent, giving a current rate of 6.59 per cent.
• 5.75 per cent three-year fix. The product matures on 31 May 2011 and comes with a completion fee of 1.75 per cent of the advance. After maturity the product reverts to BBR plus 1.50 per cent, giving a current rate of 7 per cent.
• 5.79 per cent five-year fix. The product matures on 31 May 2013 and comes with a completion fee of 1.75 per cent of the advance. After maturity the product reverts to BBR plus 1.60 per cent, giving a current rate of 7.1 per cent.
• 5.60 per cent two-year fix. This product is for selected customers and only requires 100 per cent rental cover rather than the standard 115 per cent. It matures on 31 May 2010 and comes with a completion fee of 1.75 per cent of the advance. Following maturity the rate reverts to BBR plus 1.69 per cent, giving a current rate of 7.19 per cent. Intermediaries must submit a DIP online at www.chlmortgages.co.uk.
• 5.40 per cent two-year discount tracker. Bank Base Rate (BBR) -0.10 per cent until 30th June 2010 then reverts to BBR plus 1.25 per cent on maturity, giving a current rate of 6.75 per cent. It comes with a completion fee of 2.75 per cent of the advance.
• 6.39 per cent two-year tracker. BBR plus 0.89 per cent until 30 June 2010, then BBR plus 1.25 per cent on maturity, giving a current rate of 6.75 per cent. This product comes with a completion fee of 1.25 per cent of the advance and also comes with a free valuation for properties up to £500,000 in value.

There are no overhangs on any of the products and each comes with an early repayment charge of 6

• per cent of the redeeming balance until the date of maturity.

CHL also offers unique criteria on all its buy-to-let products including: lending on housing associations and council leases; lending to owners of multi-let properties; lending to any type of limited companies; and lending on freehold properties let as flats.

Trevor Child, head of sales and marketing at CHL Mortgages, commented: “These new fixed and tracker rate buy-to-let products certainly kick off the new year in style for our intermediary customers and their buy-to-let clients.

"This enhanced range delivers competitive prices alongside targeted criteria which should please many in the marketplace. CHL has begun 2008 as it means to go on with a continued focus on our core buy-to-let business and an ongoing commitment to the mortgage intermediary market.

“With all our buy-to-let products, intermediaries also benefit from our procuration fees which are set at 0.5

• per cent across the board with no cap.”