This will give HLP’s advisers access to MFS’ residential buy-to-let (BTL) products, which are available for loans of up to £3m per property or up to £10m for a portfolio. 

MFS’ residential BTL mortgage range has no early repayment charges (ERCs) after the initial two- or three-year fixed period and each case is handled by one underwriter through to completion. 

The range also allows for deferred interest, rolled-up interest and top-slicing. 

Karen Rodrigues, head of sales at MFS, said: “At MFS, we pride ourselves on our exceptional customer service and our willingness to handle cases that other lenders might avoid. Our can-do approach to lending, combined with our experienced underwriters, enables us to navigate the unique challenges of each case, and we always go the extra mile to make a deal happen. 

“We are excited to provide these qualities to HLPartnership’s network of intermediaries and ensure a wider range of borrowers can access our products. We know that brokers need a great deal of flexibility and certainty in the current climate, and we are prepared to support their clients with our bespoke residential buy-to-let mortgages, no matter how complex their needs might be.” 

Adam Smith, chief operating officer at HLPartnership, added: “At HLPartnership, we are continually striving to give our members what they need in today’s evolving market, and in working with MFS, we are extremely proud to welcome their expertise in complex buy-to-let solutions to our lender panel.

“We are very excited to welcome MFS on board and look forward to the positive impact that they will undoubtedly have on helping HLP members to meet the ever-changing needs for their clients.” 

CHL Mortgages for Intermediaries joins Crystal Specialist Finance’s lender panel 

Packager Crystal Specialist Finance has added CHL Mortgages to its lender panel, giving brokers access to the lender’s BTL range. 

CHL Mortgages’ recently relaunched specialist range of BTL mortgages is open to individual and limited company landlords. It includes options for larger or more complex houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).

Ross Turrell, commercial director at CHL Mortgages for Intermediaries, said: “This is a significant milestone for us and is testament to our commitment to providing exceptional criteria, products and services. 

“Our goal is to continue to innovate and adapt to the needs of our clients, and this appointment is a step forward in that direction.” 

Jason Berry, group sales director at Crystal Specialist Finance, added: “We’re delighted to welcome CHL Mortgages for Intermediaries to our lender panel. 

“We’re looking for lenders who are innovative, who’ve got niches, who we can trust to deliver certainty and who have that can-do attitude. They’ve got all that in abundance and we’re looking forward to working with them in the future.” 

Now, CHL Mortgages’ product rates begin from 2.68% for a two-year fix and 4.29% for a five-year fix against a standard property. 

For small houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs) up to six bedrooms or units, the lender’s two-year fixed rates start from 2.86% and five-year fixes start from 4.35%. 

For large HMO and MUFB properties with up to 10 bedrooms or units and complex properties such as adapted HMOs with bespoke accommodation and hybrid multi-units with self-contained and HMO elements, CHL Mortgages has two-year fixed rates starting from 4.45% and five-year fixes from 5.89%. 

Across its short-term let range, which is available to property investors who use Airbnb, holiday lets and serviced accommodation, rates start from 5.43% for a two-year fix and 5.89% for a five-year fix. 

The CHL Mortgages products are available to individual borrowers and limited company landlords, with a choice of fee options up to 75% loan to value (LTV). 

Ross Turrell, commercial director at CHL Mortgages, said: “This rate reduction reflects a renewed confidence that things are moving in the right direction following the Bank of England’s recent decision to cut the interest rate for the first time in more than four years. 

“By reducing rates across our CHL1 and CHL2 ranges, we’re giving brokers even more opportunities to help their landlord customers achieve their buy-to-let ambitions.” 

Foundation Home Loans cuts mortgage rates and launches fee-assisted residential ‘specials’ 

Specialist lender Foundation Home Loans has cut rates across its Buy to Let by Foundation and Residential by Foundation fixed rate ‘specials’ product ranges by up to 0.3%. 

This includes its F1 five-year fixed rate ‘specials’ options for portfolio landlords, where mortgage rates have been reduced by as much as 0.05% and now start from 4.84% with a 6% fee. These products are available up to 75% LTV. 

Its fee-assisted five-year ‘special’ portfolio landlord-only option, which has no application fee and one free valuation, has been reduced by up to 0.1%. The rates now begin from 4.99% with a 5% fee, up to 75% LTV. 

Its other buy-to-let (BTL) ‘specials’ products have been reduced by 0.25% for HMO lending. Pricing now begins from 5.14% with a 3% fee. 

Within the F1 and F2 tiers of the lender’s residential range, two- and five-year fee-assisted fixed rate ‘specials’ have been reduced by up to 0.3%. Rates now start from 6.19% with a £795 fee, free valuation and no application fees, available up to 65% LTV. 

The lender has also launched four fee-assisted residential ‘specials’ up to 75% LTV. 

These have been launched in the F1 and F2 tiers, including two- and five-year fixed rates starting from 6.29% up to 75% LTV. These products have a £795 fee, free valuation and no application fees. 

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “At Foundation Home Loans, we’re committed to providing our intermediary partners with competitive and versatile product options that meet the evolving needs of their clients. Our latest rate reductions across the Buy to Let by Foundation and Residential by Foundation ranges, along with the introduction of four new fee-assisted residential specials, underline our dedication to delivering value and flexibility.

“With rates reduced by up to 0.3% and enhanced features such as no application fees and free valuations on selected products, we’re confident that these changes will enable intermediaries to offer even more attractive solutions to their clients, helping them secure the best possible outcomes in today’s dynamic market.” 

He added: “Our service excellence, with average turnaround times of just one day for underwriter review, ensures that we remain a trusted and reliable partner in every step of the mortgage process.”

Buy to Let by Foundation has cut pricing by up to 0.15% across its F1 range, for borrowers with an almost clean credit history, and F2 range, for borrowers with specialist properties or historical blips. 

Two-year fixed rates now start from 6.49% with a 1.5% fee. 

Pricing has also been cut across Buy to Let by Foundation’s pound-for-pound F1 and remortgage-only F2 products. The two-year fixed rates in this range start from 6.64% with a 1.5% fee. 

All applicants are assessed at pay rate with an interest coverage ratio (ICR) of 125%. 

Within its F2 range, the lender has reduced the rate of its two-year fixed large portfolio deal by 0.1% to 6.79%. This has a free standard valuation, no application fee and a 1.25% product fee. 

Its two-year fix for houses in multiple occupation (HMOs) has also been cut by as much as 0.1% and starts from 6.74% with a 2% Aptos (Body) fee. 

The two-year fixed short-term let products have been reduced by up to 0.05%, and pricing starts from 6.89% with a 2% fee. 

Buy to Let by Foundation has also reduced the product fee on its F2 five-year fixed large loan product by 0.25% to 1.25% for products up to 70% LTV. 

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “Advisers will have noted over the past few weeks in particular that the direction of travel on rates has been downwards, and at Buy to Let by Foundation, we’re pleased to announce a series of further price cuts by up to 15 basis points across a number of F1 and F2 products. 

“Our two-year fixes for both F1 and F2 borrowers have seen a considerable cut, while we’re also focused on supporting existing landlord borrowers who are not seeking to add to their loans and are instead seeking pound-for-pound remortgages at competitive rates.” 

Jacob added: “Other price cuts come across a number of F2 products including large portfolio, HMO and short-term lets, all areas [that] have grown in popularity amongst landlords, particularly as they seek higher-yielding property investments. 

“We’ll continue to closely monitor the market in order to ensure our buy-to-let product range is as competitive as it can be, and that we are meeting the needs of advisers and their landlord clients.” 

These changes come after the lender launched a limited-edition five-year fixed deal at the end of June, available within its F1 tier up to 75% LTV with a 5.59% rate and 2.25% fee. 

CHL Mortgages brings back specialist mortgage range 

CHL Mortgages has relaunched its products for borrowers financing large and complex HMOs and multi-unit freehold blocks (MUFBs), short-term lets and trading company borrowers. 

It pulled the range from the market earlier this year. 

The large HMO and MUFB range, for properties with up to 10 bedrooms or units, has two- and five-year fixed rate options, with pricing starting at 4.67% up to 75% LTV. The products have a choice of fee options. 

CHL Mortgages has also re-added its short-term let range for borrowers who use Airbnb, holiday lets and service accommodation. There are two- and five-year fixes, starting from 5.76% up to 75% LTV, with a choice of fees. 

CHL Mortgages has also reintroduced its expanded adverse credit criteria for borrowers with small credit blips. 

Ross Turrell, commercial director at CHL Mortgages, said: “This relaunch, coming hot on the heels of our core buy-to-let range refresh and introduction of a range of competitive limited-edition products, further underlines our continued commitment to the specialist buy-to-let market. 

“Combined with our human-focused underwriting approach, the enhanced flexibility of these relaunched product ranges offers our intermediary partners and their clients the support they need to maximise their investment opportunities.” 

Last month, CHL Mortgages released limited-edition BTL deals with rates below 4%.

Pricing starts from 3.95% on two-year fixes and 4.99% on five-year fixed rate options. 

Products are available up to 75% loan to value (LTV) with a choice of a 2% or 5% fee. Individual, limited company borrowers will be considered, as well as house in multiple occupation (HMO) and multi-unit freehold block (MUFB) landlords. 

Ross Turrell, commercial director at CHL Mortgages, said: “At CHL Mortgages, we’re constantly monitoring the market and looking at changes in demand to ensure we’re creating the products brokers need to meet their clients’ ever-changing requirements. 

“Our new limited-edition products expand on our already competitive range and recent criteria enhancements, offering intermediaries and their clients even greater choice.” 

The addition of these products follow recent rate reductions across the CHL Mortgages BTL offering. 

Last month, CHL Mortgages for Intermediaries was acquired by digital bank Chetwood Financial, with Chetwood saying it wanted to expand the lender’s business. 

Kay has over 30 years’ experience as a BDM and has most recently worked as a BDM for Fleet Mortgages.

This is a return for Kay, who initially joined the firm back in 1994.

Ross Turrell, CHL Mortgages’ commercial director, said: “Having worked with Stuart previously, I know just how much knowledge and experience he brings to the role.

“Stuart knows the buy-to-let industry like the back of his hand and is already very well-established within the broker community, so I’m thrilled to be able to welcome him back to the team.”

Kay added that the move back to CHL Mortgages was like “returning home”.

He continued: “After a few years away, it’s great to be rejoining the team, especially at such an exciting time following the acquisition of CHL Mortgages for Intermediaries by Chetwood Financial.

“Our strong proposition and broad criteria will appeal to brokers looking for ways to help their landlord clients and I can’t wait to get started.”

It was announced in May that digital bank Chetwood Financial had bought CHL Mortgages from Barossa Asset Purchaser Sarl. Chetwood Financial said that it hopes to grow the business and access its experienced mortgage lending team to enhance its existing skills.

The firm returned to lending in 2021 as an intermediary-only specialist BTL lender, opening its closed-book status after 13 years.

This includes products for both new and existing borrowers, across two-, three- and five-year fixed options between 65% and 95% loan to value (LTV).

This includes a five-year fix at 85% LTV priced at 4.88%. This is available to first-time buyers and has a £500 cashback incentive. 

There is also a two-year fix at 75% LTV with a rate of 4.89%. This has a £999 product fee and is available to existing borrowers. 

CHL Mortgages cuts BTL fixed rates 

Specialist lender CHL Mortgages has reduced fixed rates across its buy-to-let (BTL) options and amended criteria. 

Its two-year fixed rates have been cut by up to 0.42% and pricing now starts at 2.87%. 

This headline rate is available with a two-year fixed standard BTL option at 55% LTV with a 7% fee. 

Options are available up to 75% LTV with a choice of fees. 

CHL Mortgages’ criteria changes include an increase to the maximum loan size at 70% LTV, which is now £2m. 

The lender has also increased the aggregate borrower exposure to £5m with no limit on the number of individual loans. 

The maximum LTV available for new-build flats has been increased to 75%, as has the limit for ex-local authority flats. 

The lender will also now accept applications for properties on the Isle of Wight. 

Products are open to individual, limited company and house in multiple occupation (HMO) or multi-freehold block (MUFB) landlords. 

Ross Turrell, commercial director at CHL Mortgages, said: “This range refresh is the latest example of how committed we are to supporting intermediaries in helping their landlord clients achieve their buy-to-let ambitions. 

“There aren’t many other deals out there at the moment where the rate starts with a ‘2’, and with the potential for the bank base rate to reduce in the coming months, our repriced two-year fixed rate products could be ideal for those who don’t want to lock in to a long-term mortgage. 

“It’s another positive demonstration of how our recent acquisition by Chetwood Financial is adding value and helping us to expand our offering to our intermediary partners.” 

CHL Mortgages’ range is available to individual and limited company landlords. Rates start at 4.32% at 75% loan to value (LTV) with the option of a 2% or 5% fee. 

For borrowers looking for options for houses in multiple occupation (HMOs) and multi-unit freehold block (MUFB) properties with up to six bedrooms or units, rates start from 4.33% at 75% LTV with a 5% fee. 

These changes come just after CHL Mortgages made rate reductions across its BTL range. 

Ross Turrell (pictured), commercial director at CHL Mortgages, said: “Our new limited-edition range with competitive rates and a choice of fee options gives our broker partners even more ways to support their landlord customers.  

“This launch reinforces our commitment to the intermediary market by ensuring they’ve got the products at their disposal to meet their customers’ needs.” 

Last month, it was announced that CHL Mortgages for Intermediaries had been acquired by digital bank Chetwood Financial. Through the acquisition, CHL Mortgages is expected to complement Chetwood Financial’s soon-to-be launched ModaMortgages BTL brand. 

This followed a bidding process to acquire the lender, and Chetwood hopes to expand the business and access its experienced mortgage lending team to enhance its existing skills. 

CHL Mortgages for Intermediaries, which trades as CHL Mortgages, will operate as normal, with no planned downtime or impact on its lending operations during the transition process. Chetwood said the firm, Barossa and CHL Mortgages hoped to make the transition between owners “seamless”. 

Chetwood said the acquisition would help it grow its own mortgage loan book and extend its reach in the intermediary market. CHL Mortgages’ specialist lending team is expected to complement Chetwood’s soon-to-launch ModaMortgages brand. 

ModaMortgages will be a specialist BTL lender and be distributed exclusively through intermediaries. 

Chetwood said there would be differences between CHL Mortgages and ModaMortgages, with CHL Mortgages offering the flexibility of combined technology and manual underwriting across a wide criteria range. Meanwhile, ModaMortgages will offer an automated process focused on fast decision-making. 

The lenders will operate independently under their individual brands, while their products and teams will complement each other and benefit from shared skills, experience and expertise from being part of Chetwood Financial. 

‘We have ambitions to grow operations further’

Andy Mielczarek (pictured), founder and CEO of Chetwood Financial, said: “When the chance presented itself to acquire CHL Mortgages, we felt it was simply too good an opportunity to miss out on, so we’re delighted that the deal is now complete. CHL Mortgages is an established, respected brand in the specialist lending space, and we have ambitions to grow operations further in the months and years to come. 

“The CHL Mortgages proposition will complement that of our soon-to-launch ModaMortgages’ proposition perfectly. We’re excited to see both brands flourish side by side – and while they will operate independently, there’s no doubt that having so much specialist lending knowledge and skill within Chetwood will only contribute to their respective successes.”

Ross Turrell, commercial director at CHL Mortgages, added: “This is a fantastic opportunity to join forces with a digital bank well-established in funding buy-to-let mortgages through the intermediary market. Chetwood’s ambitious growth plans, which include the launch of ModaMortgages, will enable us to continue to develop our competitive product range and broad criteria offering, which has been well-received by our intermediary partners. 

“It’s an exciting next step on our journey and one [that] the management team and colleagues at CHL Mortgages [are] very much looking forward to taking.” 

The lender’s new BTL standard products are available up to 65% loan to value (LTV), with its version with a £1,999 fee priced at 5.64% and the no-fee version coming to 5.84%. It has a maximum loan size of £2m.

The firm has also cut rates for standard five-year fixed rate deals at 75% LTV by up to 0.15%. The fee-free option is priced at 5.94%, while its 3% option comes to 5.49%. They have a maximum loan size of £1m.

The standard products come with a rental calculation of 125% at pay rate for basic taxpayers and 145% at pay rate for higher-rate taxpayers.

Free valuations are available for properties valued up to £500,000, and are discounted for above this level.

Steve Cox, chief commercial officer at Fleet Mortgages – which underwent a rebrand in February – said: “We are pleased to be able to launch two new standard fixed rate products at 65% LTV and to be able to cut our pricing at 75% LTV.

“Having both zero- and fixed-fee options is clearly important in this market, and provides landlord borrowers with options to either have a lower rate or to save money upfront with no fee payable on the product.”

He continued: “We’ve seen over the last 12-18 months that landlords want options; for some, that is in order to meet affordability criteria in a higher rate environment, while for others, it is about not adding fees to the loan.

“These new standard rate products, and the price cuts at 75% LTV, provide those options and should hopefully give advisers further product choice to present to those eligible landlord borrower clients, for both remortgage and purchase business.”

Saffron BS reprices deals to help large loan clients

Saffron Building Society has lowered rates across its owner-occupied and green residential deals to help brokers “supporting clients in need of larger finance packages”.

The lender is repricing two of its 80% LTV owner-occupied mortgages, with its two-year fixed owner-occupied rate falling from 5.67% to 5.37% and its five-year fixed rate large loan deal also standing at 5.37%.

The maximum loan size is £2m at 80% LTV for its owner-occupied rate and £5m for its owner-occupied large loan range.

Saffron Building Society has also lowered the rate for its green residential mortgage, with its two-year fixed rate deal at 80% LTV going from 5.67% to 5.37%.

Tony Hall, head of business development at Saffron for Intermediaries, said: “At Saffron, we put broker feedback at the heart of everything we do, and that becomes even more important when the market is developing so quickly. We continually review the factors at play, and have made changes to support the large loan market as a result.”

CHL Mortgages updates BTL product range

CHL Mortgages has revised its product range with pricing starting from 3.41% on certain deals.

The lender’s products will be available with 2%, 3.5%, 5% and 7% fee options and LTV bandings of 55%, 65%, 70% and 75%.

Two-year standard BTL products start from 3.41%, while houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs) begin from 3.43%.

Five-year fixed standard rates are priced from 4.76% and HMO/MUFB deals start from 4.83%.

Ross Turrell, commercial director at CHL Mortgages, said: “Despite the recent increasing swap rates, we are still pleased to provide low rate options to landlords, which is a useful solution to assist with cash flow.”

This has been added to CHL Mortgages’ 2%, 3%, 5% and 7% fee options at the 55%, 65%, 70% and 75% LTV tiers. 

CHL Mortgages’ rates begin at 3.2% for a standard BTL mortgage, while rates for houses in multiple occupation (HMO) and multi-unit freehold block (MUFB) products start at 3.22%. 

These headline rates apply to the two-year fix up to 55% LTV with a 7% product fee. 

Across the lender’s five-year fixed rates, pricing starts at 4.55% for a standard BTL deal or 4.62% for an HMO/MUFB product. 

The interest coverage ratio (ICR) is calculated at the pay rate across the lender’s five-year fixes, while this is 5.5% or the pay rate plus 2% for two-year fixes, whichever is higher. 

Ross Turrell (pictured), commercial director at CHL Mortgages, said: “The rollercoaster of swap rates continues with the five-year fixed swap once again breaching 4%.

“With pressure on the ICR calculation, we are seeing more demand for subsidised lower rates and have broadened our range with a midpoint fee option.” 

Product readjustments

CHL Mortgages has made a few changes to its range, including the reduction of rates last month.

It also recently expanded its offering to include the 55% LTV tier and brought back five-year fixes.

Interested in the BTL market? Mortgage Solutions is holding a series of BTL forum events across England and Wales in April and May. To find out more, click here: https://www.mortgagesolutions.co.uk/events/buy-let-market-forum-2/?btl2024source=pressrelease