CHL Mortgages and Furness BS make rate cuts to BTL and holiday let deals

Five-year fixed rates for its BTL products up to 65 per cent LTV will now start from 2.99 per cent and from 3.04 per cent on its two-year fixed products. These are available for both individual and limited company offerings.

Examples include a five-year fixed at 65 per cent LTV for limited companies which has a rate of 3.19 per cent and a 1.25 per cent fee. This is down from a rate of 3.4 per cent.

Its two-year fixed rate for houses of multiple occupancy (HMO) and multi-unit freehold blocks (MUFBs) product which is available up to 65 per cent LTV now has a rate of 3.2 per cent, also reduced from 3.4 per cent.

The products can accommodate for first-time landlords, portfolio landlords and limited companies and cover a range of BTL investment vehicles including HMOs, MUFBs, new build, ex-local authority and commercial properties.

CHL Mortgages commercial director Ross Turrell (pictured) said: “The BTL market remains an extremely competitive lending arena, especially at the 65 per cent LTV level, and the revamping of our product range will ensure that an increasing number of intermediaries will be able to tap into the type of products and service values which will make a real difference for their landlord clientele.”

All the five-year products in the BTL range are available at a payrate and fees start at one per cent. The products have a minimum loan size of £25,001 and a maximum loan size of £1m. The rental income starts from 125 per cent of the monthly mortgage payment calculated at the pay rate.

Furness Building Society reduces holiday let rates

Furness Building Society has cut rates by up to 0.2 per cent on select holiday let products to cater for the growing staycation market.

The rate for its two-year fixed product at 65 per cent loan to value (LTV) has been cut from 3.19 per cent to 2.99 per cent. It is a subject to a £995 fee.

Its two-year fixed for its 75 per cent LTV has been decreased by 0.2 per cent to 3.39 per cent.

The lender has also reduced the rate for its two-year fixed buy-to-let product at 75 per cent by 0.2 per cent to 2.69 per cent.

The lender accepts applications in England, Scotland, Wales and the Isle of Skye and allows the property owners to use the holiday property up to 90 days a year.

Furness’ head of intermediaries, Alasdair McDonald, said: “With the staycation market increasing in popularity we’re sure brokers and their customers will welcome these lower rates which will further increase the rental yield enjoyed by the customer after what has been an incredibly tough 16 months for tourism.”