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CHL Mortgages re-introduces five-year fixes
Buy-to-lender CHL Mortgages has added five-year fixed products to its range, following the launch of its three-year tracker and lifetime tracker deals.
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.
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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.”