CHL Mortgages cuts BTL rates and enhances its product offering

24 January 2023

CHL Mortgages, the intermediary only specialist buy-to-let lender, has reduced 2 and 5 year fixed rates products across its Core and Refurbishment BTL ranges and has reintroduced 75% LTV options on its 5-year fixed rate and 3-year tracker products.

The lender has also added further product fee options to the 5-year fixed product range, including a fixed fee of £1,999 (available to maximum loan sizes of £200,000) as well as 2%, 3%, 4% and 5% options to enhance its Core range (Individual, Limited companies/LLP, Small and Large HMO/MUFB and Short-Term-lets).

In addition, the lender has introduced 3-year tracker products across its Core range, with the 75% LTV option carrying a 2% product fee, with rates starting from 5.94% (BBR + 2.44%). 70% LTV products are offered with a 3% product fee, with rates starting from 5.53% (BBR+2.03%). Both products have ERC percentages of 3/2/1.

CHL Mortgages has also reduced rates on its Refurbishment product range (Cosmetic Improvement, Light Refurbishment, and EPC Improvement) by up to 0.15%. 2-year fixed rates in this range now start from 6.15% with an ERC percentage of 3/2, while the 5-year fixed rates now start from 6.18% with an ERC percentage of 5/4/3/2/1. All Refurbishment Range products are available up to 70% LTV with a 3% product fee.

For applications which include a combination of Additional-rate/Higher-rate/Basic-rate payers, the lender has also introduced a “blended ICR” approach to determine loan affordability based on each borrower’s tax status and their personal share of ownership/rent.

Ross Turrell, Commercial Director, CHL Mortgages, commented:

“As the market continues to stabilise, we are pleased to be able to support our intermediary partners by offering lower interest rates and creating additional product fee options. We are committed to providing alternative options to help secure the maximum possible advance for their landlord clients with our multiple fee options and blended ICR approach.”