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 firmer 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.”
Dynamo adds CHL Mortgages to panel
Dynamo’s brokers will gain access to CHL Mortgages’ buy-to-let range which is available to individual and portfolio landlords as well as limited companies.
Products cover property types including houses in multiple occupation (HMO), multi-unit blocks (MUBs), new builds and mixed use sites.
In April, CHL Mortgages announced its re-entry into the buy-to-let market after 13 years.
Ross Turrell, commercial director at CHL Mortgages, said: “For a specialist buy-to-let lender like ourselves, adding Dynamo to our distribution is vital and we are delighted to reinstate our partnership and offer our new product range to their advisers so soon after our relaunch.
“The importance of technology enabling an enhanced experience for brokers and customers alike is a vision both our businesses share and we look forward to developing the relationship in the coming weeks, months and years.”
Cat Armstrong (pictured), mortgage club director at Dynamo for Intermediaries, added: “We’re delighted to welcome CHL Mortgages back to the market and to our distribution panel. They have always impressed us with their underwriting and can-do attitude.
“There is certainly an affinity between our two companies and after waiting over a decade, we can’t wait to start working together once again.”
This week, Mortgage Solutions exclusively reported that John Cupis, Openwork’s mortgage director, will quit the network to join Dynamo as managing director later this year.
Let’s focus on CHL Mortgages’ comeback and a multitude of BTL product launches — Armstrong
Thankfully, the vast majority of this comes from a positive place. So, let’s focus on a welcomed return from an established name, multiple product launches, increased options for landlords, reduced fees and some tech enhancements.
First up, is the return of CHL Mortgages and the launch of its BTL product range. This includes five-year fixed rate BTL products which are available at a rate of 3.25 per cent up to 75 per cent LTV and 3.10 per cent up to 65 per cent LTV.
Rental income for these products must be at least 125 per cent of the monthly mortgage payment calculated at pay rate, and they are applicable for purchase or remortgage purposes. The full product range will be accessible to individual landlords, portfolio landlords and limited companies through a select distribution panel.
Multiple product launches
In terms of product launches, increased options and reduced fees, YBS Commercial Mortgages has introduced a product for landlords purchasing houses in multiple occupation (HMOs). It comes at a rate of 3.9 per cent, fixed for five years, on an interest-only basis and with a maximum LTV of 75 per cent.
It is available to borrowers with a minimum of one year’s experience as an HMO landlord, for loans from £500,000 up to £1.5m on each property. Applications will be considered from select locations across the UK, based on analysis of demand – including London, Manchester, Birmingham and Bristol.
The Mortgage Lender released a limited edition £100m five-year fixed BTL product. The offering has a maximum LTV of 75 per cent and a rate set at 3.56 per cent. The tranche, for individual and limited company applicants, is available to the whole of market and also offers a reduced completion fee of one per cent, down from 1.5 per cent.
West One Loans’ BTL division unveiled a host of product and criteria changes. The range is available on West One’s broker portal with a new 75 per cent LTV limited edition among the highlights.
Vida announced a remortgage-only five-year fixed rate at 3.29 per cent on its Vida 1 BTL range, up to a maximum LTV of 75 per cent. The product has a 1.5 per cent fee, which can be added to the loan, and is available on Vida’s core BTL criteria, including flats over commercial premises.
Landlords using special purpose vehicles are also eligible.
Foundation Home Loans launched a number of products, including fee-assisted options for purchases as well as remortgages.
It has also added two fixed-fee HMO and multi-unit blocks deals, in addition to rate reductions on its 80 per cent LTV products. The fee-assisted options – which all come with a fixed £1,495 fee, one free valuation, no application fee and £250 cashback – are available to both individual and limited company landlord borrowers up to 75 per cent LTV on a purchase or remortgage basis.
Landbay has reduced rates by up to 0.10 per cent and fees have decreased by 0.25 per cent across its core BTL product range.
Focusing on tech enhancements, Landbay also introduced a portal upgrade which adds new features and services, including more detailed case status reporting and progress updates, plus the flexibility to download European Standardised Information Sheet (ESIS) documentation at any time in the application process.
Finally, Accord Mortgages has successfully moved its BTL business to a new mortgage sales and originations platform. The system has a range of features, including software that reduces the need for repeating information, decision in principle certificates and the facility to view and print offers, which the lender says could now be available within 24 hours of an application.
That’s all for now, but I certainly don’t expect this sector to slow down anytime soon. See you next month, and I hope to catch my breath in the meantime.
CHL Mortgages hires former Fleet manager and trio of BDMs
Andy Valvona has stepped into the role of national accounts manager. Valvona’s career in financial services spans more than three decades and among his roles he spent almost three years in the same position at rival specialist lender Fleet Mortgages.
His role will be to introduce and establish the CHL lending proposition in the broker market.
The three BDMs have all previously worked for CHL. They will initially cover England and Wales between them.
Andrea Gizzy will cover London, Midlands and the North, Daniel Watson will cover the South and South West and Paul Flude will cover the South East and East Anglia.
Ross Turrell (pictured), commercial director, CHL Mortgages, said: “When building a new team, it’s vital to get the right people in the right roles. We have taken our time to ensure that we have recruited a team with the appropriate credentials who fully understand the ethos of the company.
“Andy is well known, vastly experienced and highly regarded across the intermediary mortgage market. His experience and connections will ensure that we build key strategic partnerships from the outset and establish CHL Mortgages as a real force within the specialist buy-to-let sector.”
CHL Mortgages returns to lending
CHL Mortgages has appointed Matt Kimber managing director for its lending business who joined five years ago and rose to chief operating officer. Kimber will be joined by ex-KYSEYE employee Ross Turrell as commercial director, who will head up the sales and distribution channels.
The lenders funding lines and distribution plans are undisclosed as yet.
Matt Kimber, managing director, CHL Mortgages for Intermediaries said: “The expertise we have built in servicing more than £6.5bn of legacy assets, the onboarding of experienced sales and lending teams and significant investment in our technology platform provides us with a very strong base on which to build our new lending proposition.”
He added that the growth of the specialist buy-to-let sector in recent years gives us tremendous confidence regarding the market opportunities available for lenders, brokers and landlords.
CHL Mortgages was one of the largest specialist buy-to-let lenders but subsequently pulled back from new lending in 2008 and established itself as a servicing company, managing its own and third-party loan books.
Ross Turrell, commercial director, CHL Mortgages for Intermediaries, said: “It’s a really exciting opportunity to relaunch a lender with the reputation of CHL Mortgages. The company is focused on building a strong proposition with competitive pricing, broad criteria and modern digital infrastructure to create a positive intermediary experience.”
He said the business has ambitious growth plans and is building its team out which includes Daniel Watson, previously with Precise, Fleet and originally CHL. He was appointed in January this year.
Turrell said: “I think 2021 will be an interesting year for the buy-to-let sector and we look forward to working closely with our intermediary and distribution partners to establish the CHL brand to meet the needs of landlords and property investors.”
CHL’s Tilbury joins Foundation Home Loans
Tilbury previously spent 23 years at CHL Mortgages.
She said: “I’m excited by the opportunity to work with a specialist lender like Foundation, which has strong relationships with intermediaries and an approach that remains flexible to changing customer needs. This innovative and customer-driven approach further solidifies why it is a great time to join the business.”
Jeff Knight, marketing director at Foundation Home Loans, said Tilbury brings “an advanced level of experience within both sales and management” which would be prove “vital” to the lender’s expansion plans.
He added: Our aim is always to provide clear and professional services to intermediaries and our packager partners, and with added insight we are excited about the next stage.”
Earlier this year Foundation Home Loans launched into residential lending in April, expanding its brief from pure buy to let.