CHL Mortgages joins Mortgage Intelligence’s lending panels
Mortgage Intelligence, which is owned by Connells Group, has three AR networks and also manages Next Intelligence Mortgage Club, which has 4,500 members who cover mortgages, protection and general insurance.
The partnership will give Mortgage Intelligence’s ARs and DAs access to CHL Mortgages’ BLT products, which cater to first-time landlords, portfolio landlords and limited companies covering houses in multiple occupation and multi-unit freehold blocks.
CHL Mortgages’ commercial director Ross Turrell said: “We have a lot of history with the Mortgage Intelligence senior management team and we understand each other’s business models very well. The strength of this understanding is vital within any strategic partnership to ensure that our overall proposition can support their members in the most effective way possible and provide the types of solutions to meet the ever-changing demands of their landlord clients.
“As a business, we look forward to building on this relationship and taking on feedback to further enhance our offering over the course of Q4 and beyond.”
Sally Laker (pictured), managing director at Mortgage Intelligence, added: “We’re thrilled to be welcoming CHL Mortgages to our lending panels. Their history of serving advisers aligns with the customer-centric approach we have here at Mortgage Intelligence.
“Their addition to both our network and club lending panels will enable our members to access an even more comprehensive range of products and services. We’re excited to work with the team at CHL Mortgages to build a successful relationship into the future.”
BTL rates cut at Precise and CHL – round up
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.”
CHL Mortgages expands distribution panel with In Partnership
The lender’s range for first-time landlords, portfolio landlords and limited companies covering standard and complex properties will now be available to the network’s intermediaries.
Ross Turrell (pictured), commercial director of CHL Mortgages, said: “In Partnership’s senior management team are long time advocates of encouraging best business practice and their vast experience of the specialist buy-to-let market proves crucial in ensuring that their advisers and clients have access to the right solutions in an open, approachable and totally transparent manner.
“These service values fit perfectly with our ethos and we look forward to engaging with an adviser community who remain dedicated to delivering strong, professional advice.”
Tim Coghill, head of strategic partnerships at In Partnership, added: “We are delighted to welcome CHL Mortgages to our lender panel.
“Their specialist buy-to-let mortgage products will enable our members to offer further quality and choice to their clients within the highly competitive mortgage market. We look forward to working together.”
CHL Mortgages alters lending criteria and joins Knowledge Bank’s platform
The criteria changes include accepting intercompany loans from connected parties and decreasing its high or additional rate taxpayer interest cover ratio (ICR) from 145 per cent to 140 per cent.
The lender has also heightened its development exposure limits. Borrowers can secure block of up to six units with a maximum of six units per block, blocks of seven to 20 units can have a maximum of 10 units per block and blocks of more than 20 units can have up to 10 units or 20 per cent per block, whichever is higher.
It also confirmed that it joined Knowledge Bank’s platform, which is a criteria search system that has information on 200 lenders.
CHL Mortgages’ commercial director Ross Turrell (pictured) said its return to market had been “overwhelmingly positive”, and it was making improvements to attract more BTL customers.
He added specifically that its changes to accept intercompany deposit loans would make more limited companies viable and showed its willingness to adapt to customer and broker needs.
He said the lender’s partnership with Knowledge Bank was a “logical step” in engaging with the intermediary community in a “sensible, structured and comprehensive manner”.
“Knowledge Bank has firmly cemented its status as the place for intermediaries to source all relevant criteria-related information and this will prove to be a valuable outlet in our overall distribution strategy,” he added.
Matthew Corker, Knowledge Bank’s operations director, added: “Whilst working closely with the CHL team over these last few weeks, it’s clear to see the level of knowledge and experience they have, covering some of the more specialist market niches such as homes in multiple occupancy (HMO), multi-unit freehold block (MUFB) and products for portfolio landlords. I have no doubt they will be well searched on our platform and a valuable addition to our users.”
CHL Mortgages adds TBMC to distribution panel
The panel addition will allow the lender to expand its product reach in the intermediary market.
This includes products for first-time landlords, portfolio landlords and limited companies covering a variety of BTL investment vehicles including HMOs, MUFBs, new build, ex-local authority and commercial properties.
TBMC was launched in 1989, is part of Paragon Banking Group, and focuses on BTL and commercial mortgages.
CHL Mortgages’ commercial director Ross Turrell said: “It’s clear that the specialist BTL market is moving at pace and since our launch we have found demand to be incredibly strong. By aligning ourselves with distribution partners like TBMC it enables us to ensure that our proposition is accessible to a wide range of intermediaries.”
He added that TBMC had been a prominent figure in the intermediary market for over 30 years and that this partnership would be for the long-term.
Jane Simpson, TBMC’s managing director, (pictured) added: “CHL has always had an excellent proposition, which is closely aligned to TBMC’s business model. We are thrilled to be working with them again after their long-awaited return to lending and looking forward to exploring the lending opportunities for limited companies, professional landlords and a range of property types.”
CHL Mortgages re-entered BTL lending in May this year, opening its closed-book status after 13 years.
Since then, it has appointed former Fleet Manager and a trio of business development managers and been added to Dynamo, Tenet and MAB’s lending panels.
It has also decreased rates on 75 per cent loan to value (LTV) and 65 per cent LTV products and become a patron of the National Association of Commercial Finance (NACFB).
CHL Mortgages joins NACFB as patron
Founded in 1992, the NACFB is an association for commercial finance brokers and lenders which provides professional expertise, helps set industry and regulatory standards and secure engagement from stakeholders to support commercial finance providers and businesses that need it.
The association has around 2,000 commercial finance brokers as members and works with multiple lenders who act as patrons for the organisation.
Being a patron gives lenders access to data on the broker members and allows them to target specific markets and locations.
CHL Mortgages’ commercial director Ross Turrell (pictured) said: “Becoming a patron of the NACFB was high on the agenda when we planned our return to the buy-to-let market and now seems like an opportune time to officially cement this after a hugely successful first few months and our processes firmly bedded in.
“CHL’s proposition is all about competitive pricing and broad criteria, aligned with a modern digital infrastructure to create a positive experience with tangible benefits for our intermediary partners.”
NACFB’s chair Paul Goodman said: “The association looks to partner only with lenders which can add value to our membership and who are doing their bit to keep moving Britain forward.
“CHL Mortgages’ offering is a good fit for our members, particularly those looking to source solutions for clients with specialist buy-to-let financing requirements.”
CHL Mortgages returned to buy-to-let lending in May this year, opening its closed-book status after 13 years.
Since then, it has hired former Fleet Manager and a trio of business development managers and been added to Dynamo, Tenet and MAB’s lending panels.
It has also decreased rates on 75 per cent loan to value (LTV) and 65 per cent LTV products.
CHL Mortgages reduces rates; Precise Mortgages releases larger loan products and raises LTV
The five-year fixed option for individuals and limited companies will now begin at 3.10 per cent, down from 3.25 per cent.
Its two-year fixed deal for individuals and limited companies now stands at 3.15 per cent, a decrease from 3.30 per cent, and the five-year fixed rate with a one per cent arrangement fee has gone from 3.45 per cent to 3.30 per cent.
Its two-year fixed product for houses in multiple occupation (HMO) and multi-unit freehold block (MUFB) borrowing will start from 3.39 per cent, a reduction of 0.15 per cent.
The lender’s five-year fixed rate for HMO and MUFB at 75 per cent LTV has decreased from 3.64 per cent to 3.48 per cent.
Its five-year fix for HMO and MUFB borrowers at 75 per cent LTV with a one per cent arrangement fee is now priced at 3.68 per cent.
The lender has also reduced the arrangement fee for its five-year fix for individuals and limited companies at 65 per cent LTV to one per cent.
The interest coverage ratio will start at 125 per cent of the mortgage payment and is calculated at payrate for all five-year fixed purchase and remortgage products.
CHL Mortgages’ commercial director Ross Turrell (pictured) said: “We’ve seen positive movement in the markets with long-term swap rates improving and so have moved quickly to pass these savings onto landlords through our intermediary partners.
“The buy-to-let marketplace is hugely competitive and it’s important to outline our product and service values on an ongoing basis. Passing on these savings – alongside no loading on our valuation fees – demonstrates our commitment to promoting transparency throughout our proposition. Attributes we will continue to build on in H2 2021.”
Precise Mortgages brings in larger loan products and raises BTL limits
Precise Mortgages has reintroduced its maximum 80 per cent LTV limit to buy-to-let lending and brought out a pair of limited edition larger loan products.
The 80 per cent LTV limit applies to two and five-year fixed mortgages, with rates starting from 3.79 per cent, a two per cent product fee and a refund of valuation fee.
The lender has also brought out two limited edition five-year fixed products aimed at customers searching for larger loan sizes.
Rates start at 3.34 per cent and a product fee of £1,995 is applicable for loans between £200,000 and £500,000. The fee for loans between £500,000 and £1m stands at 0.5 per cent.
The BTL range also permits top slicing on personal ownership, limited company, portfolio and HMO applicants, which allows them to use surplus portfolio or disposable income as proof of resilience against financial stress.
Precise Mortgages also allows landlords up to 20 BTL mortgages with a combined value of £10m.
Precise Mortgages’ group sales director Adrian Moloney said: “As a leading specialist lender, we’re pleased to reintroduce up to 80 per cent buy-to-let LTV limits which are designed to offer increased product choice for landlords.
“We’re also pleased to be able to support the larger loan market by offering landlords a choice between a fixed fee product for loans up to £500,000, which may appeal to those with a limited company set-up, or a low percentage fee product for loans up to £1m.”
CHL Mortgages joins MAB lender panel
Other members on its distribution panel include SimplyBiz Mortgages and New Leaf.
CHL Mortgages’ commercial director Ross Turrell (pictured) said: “Our initial launch has already exceeded our expectations in terms of both business volume and the quality of cases received and so our appointment by MAB will expand upon this encouraging start for the business.”
MAB CEO Peter Brodnicki said: “We’re pleased to welcome CHL Mortgages on board and provide our 1,600 advisers with even more choice. CHL have a fantastic product range and we’re looking forward to working with them closely.”
The intermediary-only specialist BTL lender returned to lending in May this year, opening its closed-book status after 13 years.
It offers a range of products covering houses in multiple occupation, multi-unit freehold blocks, new build, ex-local authority and properties above or adjacent to commercial sites. It will also offer cover on minor adverse and first-time landlords on certain products.
The lender then went on to hire a trio of business development managers and hired former Fleet Mortgages executive Andy Valvona as its national accounts manager.
CHL Mortgages has consequently been added to the lending panels of Dynamo, Tenet, Paradigm and Legal & General Mortgage Club.
CHL Mortgages added to Tenet’s lending panel
CHL Mortgages products are aimed at first-time landlords, portfolio landlords and limited companies.
It also covers investment vehicles such as houses in multiple occupation, multi-unit freehold blocks, new build, ex-local authority and commercial properties.
Tenet has been expanding its lender panel, with the addition of BTL specialist MPowered Mortgages earlier this month.
CHL Mortgages commercial director Ross Turrell (pictured), said: “Forming effective partnerships with strong distribution partners such as Tenet ensures that we are well placed to maintain our growth trajectory and continue to deliver good value product backed by common-sense underwriting.”
Tenet’s strategic development director Ben Wright, added: “Adding to our lending panel and providing a wide variety of choice to our advisers is key to supporting their growth and we were particularly impressed with CHLs products and criteria for limited company lending, which appears to be growing in popularity.”
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.”