Cheval cuts rates and doubles broker fees

The lender's revamped offering follows hot on the heels of its recently-announced capital injection.

The key elements of the changes include:

• 1st charge rate of 1.25% on residential securities.
• broker procuration fees of 1% as standard.
• low lender's fee of 0.5% on 1st charge residential loans with an LTV below 50%.
• 2nd charge rates cut to 1.65%.

Commenting, Gavin Diamond, finance director at Cheval, said: "We are very pleased to present a very competitive overall proposition which is indicative of our strong appetite to lend. These changes, together with our established reputation for speed, flexibility and service excellence reinforce Cheval's position as a leading player in the sector."

Gareth Lewis, Cheval's national sales manager, commented: "Our product range continues to be attractive, transparent and easily understood, with no application or administration fees, and will be further boosted by new products to be announced before the end of the month - so watch this space."