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BTL rate revamp cut at CHL Mortgages

  • 24/01/2023
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BTL rate revamp cut at CHL Mortgages
CHL Mortgages has made a host of changes to its buy-to-let mortgage range, including rate reductions and different fee options and products.

On its core and refurbishment product ranges, rates have been dropped on two and five-year fixed rates by up to 0.15 per cent. As a result, on the refurbishment range, deals start at 6.15 per cent for two-year fixes and at 6.18 per cent for five-year fixes.

Alongside the rate cuts, CHL has reintroduced the 75 per cent loan to value (LTV) band to both its five-year fixed rate products and its three-year trackers. The three-year tracker, for example, comes with a two per cent product fee, and starts at base rate plus 2.44 per cent.

Mortgage criteria enhancements

The range revamp includes introducing new product fee options to CHL’s range of five-year fixed rate mortgages. These include adding a fixed fee of £1,999, alongside the two per cent, three per cent, four per cent and five per cent options.

Where applications include a combination of borrowers in different income tax brackets, CHL has introduced what it is calling a ‘blended ICR’ approach. This means it will determine the affordability of the loan based on each borrower’s tax status and their personal share of the ownership or rental income.

Ross Turrell (pictured), commercial director at CHL Mortgages, said that the lender had moved to lower rates and added new product fee options due to the market continuing to “stabilise”.

He said: “We are committed to providing alternative options to help secure the maximum possible advance for their landlord clients with our multiple fee options and blended ICR approach.”

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