Buy to Let by Foundation adds limited-edition deal; CHL cuts rates – round-up

Buy to Let by Foundation adds limited-edition deal; CHL cuts rates – round-up

This is available in its F1 range for landlord clients with an almost clean credit history, and is open to portfolio and non-portfolio landlords.

It has a rate of 5.74% up to 75% loan to value (LTV) with a 1% fee and a free valuation. 

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “Last week, we launched a two-year limited-edition product for F1 borrowers, and this week we have been able to add a five-year option for those landlords looking for a longer mortgage horizon but still wanting to secure a highly competitive product.

“The product fits within our core Buy to Let by Foundation range and has been launched at the same time as our Multiple Properties One Title product suite, which is available within the Solutions by Foundation brand.” 

He added: “We remain focused on ensuring advisers and their landlord clients have as wide a range of mortgage options available to them as possible, and there are specific mortgages for their individual needs, taking into account both their individual needs and circumstances, the types of properties they are seeking to finance and the rental sectors they are active in.” 

 

CHL Mortgages cuts BTL fixed rates to as low as 3% 

Specialist BTL lender CHL Mortgages has reduced rates by up to 0.37%, taking rates as low as 3%. 

In its standard BTL range, two-year fixed rates start from 3% and five-year fixed rates from 4.35%. 

For houses in multiple occupation (HMOs) and multi-unit freehold block (MUFB) properties, rates begin at 3.02% for two-year fixes and 4.42% for five-year fixes. 

Products are available with 2%, 5% and 7% fee options and LTV bandings of 55%, 65%, 70% and 75%. 

The interest coverage ratio (ICR) is calculated at pay rate for five-year fixed rates and at the higher of 5.5% or pay rate plus 2% for two-year fixed rates.

Ross Turrell, commercial director of CHL Mortgages, said: “As we move ever closer to the point at which the Bank of England will reduce the base rate, we see improvements on the forward swap curves.

“As a result, we’re pleased to be able to reduce both two-year and five-year fixed rates, which in turn will offer more choice for brokers and the landlord community.” 

 

Interested in the BTL market? Mortgage Solutions is holding a series of BTL forum events across England and Wales in April and May. To find out more, click here: https://www.mortgagesolutions.co.uk/events/buy-let-market-forum-2/?btl2024source=pressrelease 

TSB adjusts rates; CHL broadens BTL range – round-up

TSB adjusts rates; CHL broadens BTL range – round-up

The reductions have applied to the first-time buyer and homemover residential products from TSB, and the three-year fix at 90-95 per cent loan to value (LTV) has been cut by 0.05 per cent to 5.34 per cent. 

The five-year fixed options at 80 to 95 per cent LTV have been lowered by 0.05 per cent and are now priced from 4.59 per cent with a £995 fee and at 80 per cent LTV and 5.14 per cent for a fee-free deal at 90-95 per cent LTV. 

Elsewhere, TSB has put rates up for buy-to-let (BTL) remortgage. The two-year fixed rates up to 60 per cent LTV have increased by up to 0.2 per cent, while the options at 60 to 75 per cent LTV with £995 and £1,995 fees have risen by up to 0.2 per cent. 

The lender has also increased two-, three- and five-year fixed rates by up to 0.1 per cent. This applies to products up to 60 per cent LTV, and options between 60 and 75 per cent LTV with a £995 fee. 

Last month, TSB created a dedicated large loan team.

 

CHL Mortgages expands product range 

Specialist BTL lender CHL Mortgages has expanded the products in its CHL 1 range with the addition of options at 55 per cent LTV and five-year fixes. 

Rates start from 3.19 per cent for a two-year fix and 4.67 per cent for a five-year fix. These apply to options at 55 per cent LTV with a seven per cent fee. 

The equivalent products for house of multiple occupancy (HMO) and multi-unit freehold block (MUFB) lending have respective rates of 3.21 per cent and 4.73 per cent. 

At 65 per cent LTV, pricing starts from 3.25 per cent for standard properties and 3.28 per cent for HMO/MUFB. This rises to respective rates of 3.35 per cent and 3.37 per cent at 70 per cent LTV, or 4.54 per cent and 4.55 per cent at 75 per cent LTV. 

There are two, five and seven per cent options. 

Ross Turrell, commercial director at CHL Mortgages, said: “We are delighted to announce that we have expanded our CHL 1 product range by re-introducing five-year fixed products and adding new 55 per cent LTV bands. These additions have been made to help intermediaries better serve their clients’ needs.” 

United Trust Bank revamps BTL offering; CHL trims rates – round-up

United Trust Bank revamps BTL offering; CHL trims rates – round-up

After a reduction of 1.3 per cent, United Trust Bank (UTB) rates now start as low as 5.34 per cent which applies to its two-year fix for standard properties. Meanwhile, the equivalent five-year fixed rates begin from 5.74 per cent. 

For specialist houses in multiple occupation (HMO) and multi-unit blocks (MUB), two-year fixed rates begin from 5.44 per cent and five-year fixes from 5.89 per cent. Its two-year fixed holiday let rates start from 6.97 per cent, and five-year fixes from 7.2 per cent. 

UTB has also reduced its ICR to 125 per cent for basic rate taxpayers and limited companies or 130 per cent for mixed tax band paying applicants. 

Its maximum LTV has been raised to 80 per cent. 

Caroline Mirakian (pictured), sales and marketing director – mortgages at United Trust Bank, said: “We’re responding to increasing confidence in the buy-to-let sector by slashing rates and making it easier for landlords to access great value specialist buy-to-let mortgages. We lend on many property types and construction styles mainstream lenders won’t with no minimum on personal income and no credit scoring. 

“Our lower ICRs and increased maximum LTV are great news for landlords who want to take advantage of the sustained demand for rental properties and retain as much of their cash as they can to invest in developing their portfolios.”

She added: “If brokers need convincing that UTB wants to do a lot of BTL business this year, this should do the trick.” 

 

CHL Mortgages lowers pricing 

Specialist buy-to-let lender CHL Mortgages has reduced rates across its CHL 2 range by up to 0.78 per cent. 

The CHL 2 range has flexible criteria for complex client and property types, including standard, small and large HMO and MUB, short-term lets and light refurbishment. These are open to individual and limited company borrowers. 

The five-year fixed rates begin from 4.62 per cent at 70 per cent LTV with a seven per cent fee on a standard buy-to-let property. This goes up to 4.65 per cent for a small HMO or MUB and 4.8 per cent for a large HMO or MUB. 

Rates on the light refurbishment range begin from 4.67 per cent for a five-year fixed standard buy-to-let up to 70 per cent LTV with a five per cent fee. The rate comes to 4.7 per cent for a small HMO or MUB. 

Across its two-year fixes, CHL 2 rates start from five per cent for a standard buy-to-let at 70 per cent LTV with a five per cent fee. 

Pricing for short-term let deals has been reduced to 5.08 per cent for a two-year fix with a five per cent fee. 

At 75 per cent LTV, rates begin from 5.61 per cent for a five-year fix with a three per cent fee, for a standard buy-to-let. 

Product fees for CHL 2 are available in two per cent, three per cent, five per cent and seven per cent options. 

Ross Turrell, commercial director at CHL Mortgages, said: “Our CHL 2 product range has been designed to offer broader criteria options for landlords with more complex situations and as swap rates continue to stabilise, we are pleased to introduce lower-priced products.” 

Foundation adds buy-to-let deal; CHL cuts rates – round-up

Foundation adds buy-to-let deal; CHL cuts rates – round-up

The buy-to-let product is available for purchase and remortgage under its F1 criteria, for borrowers with no recent credit blips. 

It has a rate of 5.64 per cent and is available up to 75 per cent loan to value (LTV) with a 1.5 per cent fee. 

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “We promised to start 2024 with a bang and the introduction of such a competitive rate offers yet more positive news for landlords and our intermediary partners.  

“This is a product which further enhances our broad range of competitive rates and fee options across a variety of fixed rate terms and is likely to be a popular option in what could prove to be an opportunity-laden period for landlords across the UK.” 

In early December, Mortgage Solutions reported that Foundation had launched special products for portfolio landlords in its buy-to-let range.

 

CHL Mortgages reduces buy-to-let rates 

CHL Mortgages has reduced its buy-to-let mortgage rates by up to 0.65 per cent across its CHL 1 range. 

This range is for individual and limited company borrowers with a clean credit history and is available for standard and small houses in multiple occupation (HMO) and multi-unit freehold block (MUFB) purposes. 

The low-rate deal is a two-year fix standard buy-to-let option available up to 65 per cent LTV with a seven per cent fee. The small HMO/MUFB equivalent has been lowered to 3.08 per cent. 

At 70 per cent LTV, the standard option is priced at 3.15 per cent, while the small HMO/MUFB product has a rate of 3.17 per cent. At 75 per cent LTV, this goes up to 4.34 per cent and 4.35 per cent respectively. 

Its five-year fixed options begin at 4.47 per cent for a standard buy-to-let or 4.56 per cent for small HMO and MUFB at 65 per cent LTV. At 70 per cent LTV, the respective rates are 4.52 per cent and 4.79 per cent, while at 75 per cent LTV this is 4.57 per cent and 4.62 per cent. 

Within the range, there are product fee options of two per cent, five per cent and seven per cent. 

Ross Turrell, commercial director at CHL Mortgages, said: “With five-year swap rates improving on the back of better global inflation forecasts, we are pleased to bring in some welcome rate reductions for the hard-pressed buy-to-let sector.  

“This along with a steady increase in rents will see the affordability calculations start to go back into equilibrium.” 

CHL Mortgages unveils new ranges; Cambridge BS lowers rates – round-up

CHL Mortgages unveils new ranges; Cambridge BS lowers rates – round-up

The ranges are CHL 1 and CHL 2.

The former is the lender’s standard buy-to-let range for customers with clean credit history of standard buy-to-let and small houses in multiple occupation (HMO) and multi-unit freehold block.

Prices start from 3.65 per cent for a two-year fixed rate up to 65 per cent LTV. This goes up to 3.72 per cent at 70 per cent LTV and 4.9 per cent at 75 per cent LTV.

Five-year fixed rates at 65 per cent LTV come to 5.1 per cent, 5.14 per cent at 70 per cent LTV and 5.2 per cent at 75 per cent LTV.

CHL 2 has more “flexible criteria”, catering for a range of property types and clients. Two-year fixed rates begin from 5.4 per cent up to 70 per cent LTV and 6.42 per cent at 75 per cent LTV.

Five-year fixed rates start from 5.27 per cent at 70 per cent LTV and 6.26 per cent at 75 per cent LTV.

Product fees in CHL 1 range from two, five and seven per cent, with CHL 2 at two, three, five and seven per cent.

Ross Turrell, commercial director, CHL Mortgages, commented: “We are pleased to announce a further reduction in our pricing and an expanded product range, enabling us to offer our intermediary partners greater choice for their clients.

“With the economy showing signs of recovery, we are confident that these changes will benefit landlords and affirm their optimism in a stabilising buy-to-let market.”

 

Cambridge BS slashes rates

Cambridge Building Society has cut rates by up to 0.75 per cent across its residential and buy-to-let mortgage deals.

The changes will come into force from tomorrow.

Cambridge Building Society’s product manager Dan Barker said: “We hope that these rate cuts will help our customers with more choice, while also supporting intermediaries and their clients to help landlords looking to refinance or purchase buy-to-let and holiday let properties.”

West One makes 40bps rate cuts; CHL reduces pricing and updates ICR – round-up

West One makes 40bps rate cuts; CHL reduces pricing and updates ICR – round-up

This includes its two-year fixed product within its core range which now starts from 4.74 per cent under the W1 criteria for borrowers with clean credit profiles. There is also a five-year fix which has been reduced by 0.35 per cent to 5.54 per cent for W1 borrowers, while for W2 borrowers with minor credit blips, the rate is 6.74 per cent. 

The lender has reduced rates on its holiday let products which are fixed for two and five-years by up to 0.35 per cent, to start from 5.84 per cent. 

Across its limited edition offering, West One Loans has reduced two and three-year fixed rates for portfolio and non-portfolio landlords by up to 0.24 per cent. Pricing now begins at 5.84 per cent. 

The five-year fixed deals in this range are up to 0.2 per cent lower in rate and start from 4.58 per cent. 

Andrew Ferguson, managing director of West One’s buy-to-let division, said: “We are making significant reductions right across our range as we pass on lower borrowing costs to brokers and their clients. 

“It’s always pleasing to be in a position to make rate cuts and to be able to offer landlords a more competitive range of lending options.”  

Ferguson added: “Naturally, pricing is part of our offer and we endeavour to provide the best rates whenever possible, but it’s important that we also combine a first-class service, compelling set of criteria and a common sense and pragmatic approach from experienced underwriters. 

“The series of changes that we have made over the past week puts us in a strong position to reach more brokers and to support more landlords in finding the right solution for them.” 

 

CHL Mortgages reduces rates 

Specialist buy-to-let lender CHL Mortgages has reduced its fixed rates by up to 0.39 per cent. 

Its individual and limited company two-year fixed rates now start from 5.4 per cent after a 0.35 per cent reduction, while its five-year fixes start from 5.27 per cent following cuts of up to 0.34 per cent. 

The lender’s two-year fixed rate for houses in multiple occupation (HMO) and multi-unit freehold block (MUFB) borrowing has been reduced by up to 0.39 per cent and starts from 5.3 per cent. 

CHL Mortgages’ refurbishment product range has been lowered by 0.36 per cent with five-year fixes starting from 5.23 per cent. 

It has also updated its interest coverage ratio (ICR) calculation for two-year fixes while the ICR for five-year fixes is unchanged. This is now 5.5 per cent or the initial pay rate plus two per cent, whichever is higher. 

Ross Turrell, commercial director at CHL Mortgages, said: “With long-term interest rates showing signs of stability we are seeing this latest round of welcome rate cuts. For the buy-to-let market we also have rents improving, tenant affordability increasing as wage rises kick in and a softening of house prices in real terms (taking account of inflation).  

“This has improved the prospects for landlords and we should see the sector start to gradually move forward as we head into 2024”. 

BTL lenders Quantum and CHL make rate reductions – round-up

BTL lenders Quantum and CHL make rate reductions – round-up

The lender has also introduced a seven per cent fee option for landlord borrowers and this is available up to 70 per cent loan to value (LTV). There will still be a five per cent fee option available up to the same LTV tier, while two and three per cent fees are available up to 75 per cent LTV. 

CHL’s five-year fix with a seven per cent fee starts at 5.94 per cent for individual and limited company borrowers, 5.99 per cent for small houses in multiple occupation (HMO) and multi-unit freehold blocks (MUFBs), and 6.04 per cent for large HMO and MUFB. 

Rates start from 6.44 per cent for options with a five per cent fee, 6.93 per cent with a three per cent fee or 7.19 per cent with a two per cent fee. 

Affordability is calculated at interest coverage ratio (ICR) payrate. A blended ICR will be applied where there are joint applicants and there is a combination of additional rate, higher rate and basic rate taxpayers. 

Ross Turrell, commercial director at CHL Mortgages, said: “We have started to see a stabilisation in the money markets recently, which has enabled us to reduce our rates. Additionally, we have taken the opportunity to implement a number of different fee options, which alongside our broad criteria and underwriting experience further supports our intermediaries and their clients’ needs.” 

 

Quantum Mortgages cuts rates by up to 1.1 per cent 

Quantum Mortgages has reduced rates across two, five and seven-year fixes for both purchase and remortgage purposes. 

Reductions of between 0.4 per cent and 1.1 per cent have been made. 

Spencer Gale, director of distribution and marketing at Quantum Mortgages, said: “Experienced and professional landlords are still seeking opportunities to enhance their portfolio to achieve their desired yields and margins, despite the BoE rate rise for the 14th consecutive time to 5.25 per cent last week. 

“With the money markets remaining stable after the most recent rise, it seemed appropriate to review our pricing strategy and pass on the reductions to landlords. With QML also broadening its product range last week with the addition of QML Pro, these changes as we approach the busiest months of the year, should enable landlords to extract maximum value from their portfolio in remortgaging and enhancing it through their purchases.” 

CHL Mortgages re-introduces five-year fixes

CHL Mortgages re-introduces five-year fixes

The options with a two per cent fee are available up to 75 per cent loan to value (LTV) and rates begin at 6.85 per cent for the deal which serves individuals, limited company borrowers, small houses in multiple occupation (HMO) and small multi-unit freehold blocks (MUFBs). 

The equivalent for large HMOs and MUFBs has a rate of 6.95 per cent, while the short-term let option is priced at 7.05 per cent. 

Products with a three or five per cent fee are available up to 70 per cent LTV, with rates beginning from 6.09 per cent. 

The products have early repayment charges which start at five per cent and decline incrementally to one per cent over the initial fixed rate period. 

The lender has also added options to its light refurbishment, EPC improvement and cosmetic improvement ranges, available up to 75 per cent LTV. 

Ross Turrell (pictured), commercial director at CHL Mortgages, said: “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.” 

CHL Mortgages relaunches base tracker deals; Aldermore brings back mortgages – round-up

CHL Mortgages relaunches base tracker deals; Aldermore brings back mortgages – round-up

There are two new products at 75 per cent loan to value (LTV), including a three-year tracker and a lifetime tracker mortgage. 

The rates vary across the lender’s offering such as its individual and limited company, short-term lets, light refurbishment and EPC improvement products. 

For example, the three-year tracker for individual borrowers and limited company borrowing has a rate of 6.7 per cent, which is 2.2 per cent above the base rate. Meanwhile, the lifetime tracker option has a rate of 6.95 per cent, which is 2.45 per cent above the base rate. 

The equivalent products for small houses in multiple occupation (HMO) and multi-unit freehold block (MUFB) properties are priced at 6.85 per cent and 7.1 per cent respectively. For large HMO and MUFB properties, the corresponding product rates are 6.95 per cent and 7.2 per cent. 

Lifetime trackers have been introduced to its refurbishment range, such as the EPC improvement product which is priced at 7.1 per cent for individual and limited company borrowing or 7.2 per cent for small HMO and MUFB properties. 

Ross Turrell, commercial director at CHL Mortgages, said: “If you have landlord clients who are looking to purchase or remortgage, our products might be the solution. Through our blended interest coverage ratio (ICR) approach, customers in different tax bandings could potentially raise additional capital.” 

 

Aldermore resumes new business mortgages 

Aldermore has brought back its residential and buy-to-let mortgage options for new borrowers a week after pulling the products. 

The lender removed the mortgages last Friday as it said it was reacting to market conditions amid rising swap rates. 

It has relaunched mortgages at its standard level 1 and level 2 criteria categories which are dependent on a borrower’s credit score, as well as high LTV options. 

The buy-to-let options for new borrowers are available at 75 per cent LTV, either with a £1,999 fee, 1.5 per cent fee or no fee. There are two and five-year fixes, with rates beginning at 5.98 per cent for a discounted product either for individual or limited company landlords.  

The products also offer a free valuation. 

The lender has also repriced its mortgages for standard residential borrowers, high LTV residential products, Help to Buy and product switches for buy-to-let. 

The rates are available from 6 June. 

Jon Cooper, head of mortgages at Aldermore, said: “We’re thrilled to be back in the market with our buy-to-let and residential owner-occupied offerings. Withdrawing products was always a temporary measure and we’re pleased to offer a competitive range, giving customers even more choice to support their goals.  

“Both our borrowers and our savers are the driving focus of everything we do at Aldermore, and we’re passionate about finding ways to support all of our customers to go for it in life and in business.” 

Legal and General adds six lender affordability calculators to SmartrFit

Legal and General adds six lender affordability calculators to SmartrFit

The firm has partnered with CHL Mortgages, Zephyr Homeloans, Cambridge Building Society, Family Building Society, Accord Mortgages and Marsden Building Society.

The platform integrates affordability calculators, client criteria, product sourcing and property checking functionality to help advisers find appropriate solutions for their clients.

The tool is free to use and can be accessed by all advisers, including Legal and General Mortgage Club members or through third parties including SimplyBiz Mortgages, One Mortgage System, and Smartr365

Jodie White, head of mortgage products and transformation at Legal and General Mortgage Services, said: “We are thrilled to welcome six new lenders to SmartrFit. The collaboration is just another way that we are using technology to support brokers in our fast-paced market.

“Ultimately, our goal is to highlight the wide-ranging benefits that introducing technology can bring to the mortgage industry. The time saved by brokers using integrated technology allows them to spend more time advising their clients. Our partnership with these lenders will bring real value to our users.”

Ian Cunningham, corporate account manager at Accord Mortgages, added: “Working with Legal and General to get our buy-to-let rental calculator within SmartrFit means we can add further support for brokers, so they can see not only our buy-to-let criteria but what we will lend to their buy-to-let landlord clients.

“The use of mortgage research tools is key in helping advisers work efficiently in the mortgage market today.”