CHL Mortgages has reduced rates across its entire 65% loan-to-value (LTV) buy-to-let (BTL) product range by up to 25bps.
Rates now start from 2.99% on the lender’s 5-year fixed rate BTL product range, and from 3.04% on its 2-year fixed rate BTL range for both individual and limited company offerings.
Highlights also include a 5-year fixed rate 65% LTV limited company BTL offering at a rate of 3.19% with a 1.25% fee and a 2-year fixed rate house in multiple occupation (HMO) and multi-unit freehold block (MUFB) product, which is available up to 65% LTV at a rate of 3.20%, down from 3.40%.
All 5-year products are at payrate, including HMO/MUFB, and fees across the range start at 1%.
Rental income for these products starts from 125% of the monthly mortgage payment, calculated at payrate, and they are applicable for purchase or remortgage purposes.
Each BTL product has a minimum loan size of £25,001 and a maximum loan size of £1m.
The product range caters 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; minor adverse will also be considered.
Ross Turrell, commercial director at CHL Mortgages, said: “We have introduced these rate reductions on the back of an extremely positive market reaction and ongoing feedback from our expanding distribution panel.
“The quality of the business we have received so far has been excellent and our processing team has coped admirably during our initial launch phase.
“This combination has provided additional confidence and conviction to create further capacity which will allow us to write even more business.
“The BTL market remains an extremely competitive lending arena, especially at the 65% 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.”