CHL Mortgages has cut rates across its entire buy-to-let range.
Rates for the two-year fixed rate product, available up to 65 per cent loan-to-value (LTV) now start at 2.88 per cent, down by 0.16 percentage points, rising to 3.05 per cent, a cut of 0.1 percentage points, for up to 75 per cent LTV. Both deals come with a 1.5 per cent arrangement fee, and are available for both individual and limited company borrowers.
Its five year deals now start at 2.88 per cent, representing a cut of 0.11 percentage points, up to 65 per cent LTV and 2.98 per cent, down by 0.12 percentage points, up to 75 per cent LTV, again for individual and limited company borrowers alike, with a two per cent arrangement fee.
CHL has also reduced the rates on its range for investors looking to borrow against houses in multiple occupation (HMO) and multi-unit freehold blocks (MUFB).
Its two-year fixed range, available at up to 65 per cent LTV, starts at 2.99 per cent, which is down by 0.21 percentage points. For borrowers who need to get a loan at 75 per cent LTV, the new rate has been cut by 0.31 percentage points to 3.08 per cent. Both come with a two per cent arrangement fee.
All five-year products are calculated at interest cover ratio (ICR) payrate, with rental income starting at 125 per cent of the monthly mortgage repayment.
Ross Turrell, commercial director at CHL Mortgages, said the lender was employing a “competitive but cautious” approach to product pricing so that it could deliver a consistent service.
He continued: “Our wide distribution footprint with clubs, networks and directly authorised broker firms, means that we are confident that by making such competitive changes across our range will prove extremely popular and introduce us to many more new brokers seeking to use CHL Mortgages for the first time.”
Cuts at Precise
Precise Mortgages has also announced changes to its buy-to-let proposition, reducing rates and fees.
The new range includes a 75 per cent LTV two-year fixed rate at 2.79 per cent, down by 0.5 percentage points, with a 0.5 per cent fee. It also includes a five-year fixed rate up to the same LTV at 3.09 per cent, a cut of 0.3 percentage points, which comes with a 1.5 per cent fee.
Adrian Moloney (pictured), group sales director at Precise, said he was confident the rate cuts would be popular with brokers.
He added: “We’re offering competitive pricing, reduced rates and affordability options, all backed up by our award winning sales teams who have the knowledge and expertise to help get cases over the line. It’s an absolutely winning combination especially as brokers know that they can rely on us for our straightforward criteria and upfront decision making.”