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

  • 10/01/2024
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United Trust Bank revamps BTL offering; CHL trims rates – round-up
United Trust Bank (UTB) has reduced its buy-to-let mortgage rates, lowered the interest coverage ratio (ICR) and raised the maximum loan to value (LTV) limit.

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.” 

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