CHL revamps BTL range

For its individual and limited companies range, the lender has cut rates across its existing five-year fixed-rate options, which are now priced at 2.80% at 65% LTV, 2.85% at 75% LTV with a 2% product fee, and 3% at 75% LTV with a 1.25% product fee.

In addition, it has introduced three new five-year fixed-rate options available at 2.69% at 50% LTV, 2.75% at 60% LTV, and 2.83% at 70% LTV, as well as two two-year fixes which are priced at 2.93% at 60% LTV and 2.99% at 70% LTV.

CHL has also added three new five-year fixed products across its HMO/MUFB range, priced at:

• 2.94% at up to 50% LTV
• 3.04% at up to 60% LTV
• 3.25% at up to 70% LTV

It also has reduced rates across its existing products for HMOs and MUFBs, with rates now starting from 3.09% at 65% LTV and 3.15% at 75% LTV.

All five-year products are calculated at ICR payrate —including HMO/MUFB — and ERCs are 3/2% on two-year fixed rates and 5/4/3/2/1% on five-year fixed rates. 

Rental income for these products starts from 125% of the monthly mortgage payment and they are applicable for purchase or re-mortgage purposes.

Ross Turrell, commercial director at CHL Mortgages, said: “The specialist BTL marketplace continues to see sustained levels of interest and enquiries from investors, developers and landlords who are looking to take advantage of rising tenant demand and a highly competitive lending environment. 

“This means that lenders need to constantly evaluate their product offerings to meet their ever-shifting needs.

“We expect these positive changes to be welcomed by our growing distribution panel and these will attract even more business to bolster what has been a hugely encouraging first six months back in the specialist BTL lending arena.”