UK Buy to Let Market

Precise and CHL Mortgages cut BTL rates



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Precise Mortgages and CHL Mortgages have refreshed their BTL offerings with rate reductions.

Precise Mortgages

Precise Mortgages has made changes to its BTL offering, including reduced rates and fees across the its personal ownership, HMO and limited company range.

The lender has also launched products which refund the valuation and provide £500 cashback to help support the remortgage market.

Top slicing is available on all products, which enables customers to use surplus portfolio or earned disposable income to prove they can meet any financial stresses on a new loan application.

“We’re offering competitive pricing, reduced rates and affordability options, all backed up by our award-winning sales teams who have the knowledge and expertise to help get cases over the line,” said Adrian Moloney, group sales director at Precise Mortgages.

“It’s an absolutely winning combination — especially as brokers know that they can rely on us for our straightforward criteria and upfront decision making.”

Key highlights of the range include:

Core and limited company 
• 75% LTV two-year fix, 2.79% with 0.5% fee — a 50bps reduction in fee
• 75% LTV five-year fix, 3.09% with 1.5% fee — a 30bps reduction in rate
• 80% LTV two-year fix, 3.69% with 1.5% fee — a 10bps reduction in rate and 50bps in fee
• products with fixed £3,995 fee for loan sizes between £300,000 and £750,000 — reductions in rate of 20bps


HMO and limited company 
HMO 75% LTV five-year fix, 3.34% with 1.5% fee — a 35bps reduction in rate
• products with fixed £3,995 fee for loan sizes between £300,000 and £750,000 – reductions in rate of 25bps

 
The lender also allows landlords to have up to 20 BTL mortgages to a combined value of £10m, and no limit with other lenders.

CHL Mortgages

CHL Mortgages has lowered rates across its entire product range, catering for individuals, limited companies, and HMOs and MUFBs.

Full details of the changes are as follows:

Individuals and limited companies
Up to 65% LTV
·      2.88% two-year fixed with a 1.5% arrangement fee (rate reduced by 0.16%)
·      2.88% five-year fixed with a 2% arrangement fee (rate reduced by 0.11%)
·      3.08% five-year fixed with a 1% arrangement fee (rate reduced by 0.11%)

Up to 75% LTV
·      3.05% two-year fixed with a 1.5% arrangement fee (rate reduced by 0.10%)
·      2.98% five-year fixed with a 2% arrangement fee (rate reduced by 0.12%)
·      3.18% five-year fixed with a 1% arrangement fee (rate reduced by 0.12%)

HMO/MUFB
Up to 65% LTV
·      2.99% two-year fixed with a 2% arrangement fee (rate reduced by 0.21%)
·      3.29% five-year fixed with a 2% arrangement fee (rate reduced by 0.10%)
·      3.49% five-year fixed with a 1% arrangement fee (rate reduced by 0.10%)

Up to 75% LTV
·      3.08% two-year fixed with a 2% arrangement fee (rate reduced by 0.31%)
·      3.38% five-year fixed with a 2% arrangement fee (rate reduced by 0.10%)
·      3.58% five-year fixed with a 1% arrangement fee (rate reduced by 0.10%)


Ross Turrell, commercial director at CHL Mortgages, commented: “Since launching four months ago, we have applied a competitive but cautious approach to our product pricing as our commitment to delivering a consistent service offering is paramount and underpins our lending proposition.

"Our wide distribution footprint with clubs, networks and directly authorised broker firms, means that we are confident that by making such competitive changes across our range will prove extremely popular and introduce us to many more new brokers seeking to use CHL Mortgages for the first time.”

Each BTL product has a minimum loan size of £25,001 and a maximum of £1m.

The product range caters for first-time and portfolio landlords and limited companies, covering a variety of BTL investments.

 

 

 

 

 

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