CHL Mortgages adds new LTV bands and cuts rates

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CHL Mortgages has unveiled a series of products across new LTV bands, reduced rates on existing deals and introduced some new two-year fixed rate options for landlords.

Rates now start from 2.69% on the lenders’ five-year fixed rate buy-to-let product range (up to 50% LTV) and from 2.85% up to 75% LTV. Both are available on the individual and limited company offerings with product fees ranging from 1.25% to 2%.

A 2.93% two-year fixed rate at 60% LTV and a 2.99% two-year fixed rate at 70% LTV have been introduced to replace the previous two-year 65% and 75% LTV buy-to-let products. Both are available for individual and limited company ranges, with a 2% product fee.

The lenders’ HMO/MUFB range has also seen the introduction of several new products as well as rate reductions across existing LTV bands. Five-year fixed rates start from 2.94% at 50% LTV and from 3.15% up to 75% LTV. This range also includes a 0% product fee option at 65% and 75% LTV for two-year fixed products.

All five-year products are calculated at ICR payrate, including HMO/MUFB and early repayment charges are 3/2% on two-year fixed rates and 5/4/3/2/1% on five-year fixed rates. Rental income for these products starts from 125% of the monthly mortgage payment and they are applicable for purchase or re-mortgage purposes.

Ross Turrell (pictured), commercial director at CHL Mortgages, said: “The specialist buy-to-let marketplace continues to see sustained levels of interest and enquiries from investors, developers and landlords who are looking to take advantage of rising tenant demand and a highly competitive lending environment. Meaning lenders need to constantly evaluate their product offerings to meet their ever-shifting needs.

“We expect these positive changes to be welcomed by our growing distribution panel and these will attract even more business to bolster what has been a hugely encouraging first six months back in the specialist buy-to-let lending arena.”

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