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CHL Mortgages cuts BTL fixed rates by up to 0.50%.

07 December 2022

CHL Mortgages, the intermediary-only specialist buy-to-let lender, has reduced its rates across all 5-year and 2-year fixed rate buy-to-let (BTL) mortgages by up to 0.50%.

A 0.45% reduction has been applied to 5-year fixed rate Individual and Limited Company/LLP products, now at 6.19%.HMO/MUFB 5-year fixed rate products are reduced by 0.50%.

Small HMO/MUFB (for up to 6 bedrooms/units) now has a rate of 6.24%, while the rate for the large HMO/MUFB product (for up to 10 bedrooms/units) sits at 6.29%.

The 5-year short-term-let fixed rate product has also reduced by 0.50% and is now 6.24%.

A cut of 0.45% has been applied to all 5-year fixed rate products in the Refurbishment range, with rates starting from 6.29%. The 2-year fixed Refurbishment products are reduced by 0.40%, with rates now starting from 6.30%.

All 5-year fixed rate products are available to a maximum of 70% LTV, with a 3% product fee and have an ERC percentage of 5/4/3/2/1. The 2-year fixed Refurbishment products are also available to a maximum of 70% LTV, with a 3% product fee, with the ERC percentage, in this case, being 3/2.

Pricing of the Lifetime Tracker products in the Refurbishment range remains unchanged.

New Core Product Range

Individuals & Limited Companies/LLP:

5-year fixed interest rate of 6.19%

Small HMOs & MUFBs:

5-year fixed interest rate of 6.24%

Large HMOs & MUFBs:

5-year fixed interest rate of 6.29%

Short Term Lets:

5-year fixed interest rate of 6.24%

New Refurbishment Product Range

Light Refurbishment

5-year fixed interest rate of 6.34% (Individual and Limited Company/LLP)
2-year fixed interest rate of 6.35% (Individual and Limited Company/LLP)
5-year fixed interest rate of 6.39% (Small HMO/MUFB)
2-year fixed interest rate of 6.40% (Small HMO/MUFB)

EPC Improvement

5-year fixed interest rate 6.34% (Individual and Limited Company/LLP)
2-year fixed interest rate of 6.35% (Individual and Limited Company/LLP)
5-year fixed interest rate of 6.39% (Small HMO/MUFB)
2-year fixed interest rate of 6.40% (Small HMO/MUFB)

Cosmetic Improvement

5-year fixed interest rate of 6.29% (Individual and Limited Company/LLP)
2-year fixed interest rate of 6.30% (Individual and Limited Company/LLP)
5-year fixed interest rate of 6.34% (Small HMO/MUFB)
2-year fixed interest rate of 6.35% (Small HMO/MUFB)

The full CHL Mortgages product range caters for first-time landlords, portfolio landlords, limited companies and LLPs covering a variety of BTL investments, including HMOs and MUFBs.

Ross Turrell, Commercial Director, CHL Mortgages, commented:

“As the money markets have stabilised, we have taken the opportunity to reduce our rates. The reduction in the 5-year fixed rate products which are stressed at pay rate should help our intermediary partners help generate a higher maximum advance for their landlord clients.”