CHL Mortgages has added a new 5% fee option to its light refurbishment product and repriced the five-year fixed rate products across its ranges.
All five-year fixed-rate products come with a 5% ERC in the first year, decreasing over the term to 1% in the final year, while the two-year lifetime tracker has an ERC of 3% in the first year and 2% in the second.
The price changes include:
Core Product Range
Individuals & Limited Companies/LLP:
• a 70% LTV five-year fixed, interest rate of 6.68% with 5% fee
• a 70% LTV five-year fixed, interest rate of 7.17% with 3% fee
• a 75% LTV five-year fixed, interest rate of 7.48% with 2% fee
• a 75% LTV lifetime tracker, interest rate of 7.45% (BBR+2.45%) with 2% fee
Small HMOs & MUFBs:
• a 70% LTV five-year fixed, interest rate of 6.73% with 5% fee
• a 70% LTV five-year fixed, interest rate of 7.22% with 3% fee
• a 75% LTV five-year fixed, interest rate of 7.53% with 2% fee
• a 75% LTV lifetime tracker, interest rate of 7.60% (BBR+2.60%) with 2% fee
Large HMOs & MUFBs:
• a 70% LTV five-year fixed, interest rate of 6.78% with 5% fee
• a 70% LTV five-year fixed, interest rate of 7.27% with 3% fee
• a 75% LTV five-year fixed, interest rate of 7.58% with 2% fee
• a 75% LTV lifetime tracker, interest rate of 7.70% (BBR+2.70%) with 2% fee
Short-term lets:
• a 70% LTV five-year fixed, interest rate of 6.73% with 5% fee
• a 70% LTV five-year fixed, interest rate of 7.22% with 3% fee
• a 75% LTV five-year fixed, interest rate of 7.53% with 2% fee
• a 75% LTV lifetime tracker, interest rate of 7.75% (BBR+2.75%) with 2% fee
Refurbishment Product Range
Light refurbishment:
• individual and limited company/LLP, 70% LTV five-year fixed, interest rate of 6.83% with 5% fee
• small HMO/MUFB, 70% LTV five-year fixed, interest rate of 6.88% with 5% fee
• individual and limited company/LLP, 75% LTV five-year fixed, interest rate of 7.63% with 2% fee
• small HMO/MUFB, 75% LTV five-year fixed, interest rate of 7.68% with 2% fee
• individual and limited company/LLP, 75% LTV lifetime tracker, interest rate of 7.65% (BBR+2.65%) with 2% fee
• small HMO/MUFB, 75% LTV lifetime tracker, interest rate of 7.75% (BBR+2.75%) with 2% fee
EPC improvement:
• individual and limited company/LLP, 75% LTV five-year fixed, interest rate of 7.58% with 2% fee
• small HMO/MUFB 75% LTV five-year fixed interest rate of 7.63% with 2% fee
• Individual and Limited Company/LLP 75% LTV Lifetime tracker interest rate of 7.60% (BBR+2.60%) with 2% fee
• Small HMO/MUFB 75% LTV Lifetime tracker interest rate of 7.70% (BBR+2.70%) with 2% fee
Cosmetic improvement:
• individual and limited company/LLP, 75% LTV five-year fixed, interest rate of 7.53% with 2% fee
• small HMO/MUFB, 75% LTV five-year fixed, interest rate of 7.58% with 2% fee
• individual and limited company/LLP, 75% LTV lifetime tracker, interest rate of 7.55% (BBR+2.55%) with 2% fee
• small HMO/MUFB, 75% LTV lifetime tracker, interest rate of 7.65% (BBR+2.65%) with 2% fee
Ross Turrell, commercial director at CHL Mortgages (pictured above), commented: “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.”
