Precise and CHL update BTL offerings

Precise Mortgages and CHL Mortgages have made changes to their BTL product ranges.

Precise Mortgages

Precise Mortgages has reintroduced higher LTV limits on its BTL mortgages and launched new larger loan products.

The lender has reintroduced a maximum 80% LTV limit across a new range of two- and five-year fixed-rate options, available at 3.79% and 3.99% respectively.

Meanwhile, the new limited-edition five-year fixed-term BTL mortgages offer loans from £200,000 to £1m at 3.34%.

They are available at 75% LTV for loans up to £750,000 and 70% LTV for facilities between £750,000 and £1m.

The new range includes product fees of £1,995 for loans up to £500,000, and 0.5% for facilities between £500,000 and £1m.

Precise Mortgages’ BTL range features a top slicing option on all eligible personal ownership, limited company, portfolio and HMO applications. 

This enables customers to use surplus portfolio or earned disposable income to prove they can meet any financial stresses on a new loan application, rather than through the rental income of the property alone.

The lender also allows landlords to have up to 20 BTL mortgages to a combined value of £10m (unlimited with other lenders).

Adrian Moloney, group sales director at Precise Mortgages (pictured above), said: “As a leading specialist lender, we’re pleased to reintroduce up to 80% LTV limits, which are designed to offer increased product choice for landlords.

“We’re also pleased to be able to support the larger loan market by offering landlords a choice between a fixed fee product for loans up to £500,000, which may appeal to those with a limited company set-up, or a low percentage fee product for loans up to £1m.”

CHL Mortgages

CHL Mortgages has cut rates across its 75% LTV BTL product range by up to 15 percentage points.

The lender’s individual and limited company BTL range is now available at 3.15% on two-year fixes, 3.10% for five-year terms with a 2% arrangement fee, and 3.30% for five-year fixes with a 1% arrangement fee.

Meanwhile, the HMO and MUFB BTL suite is offered at 3.39% for two-year fixed terms, and 3.48% and 3.68% for five-year fixes (with 2% and 1% arrangement fees, respectively).

In addition, the 65% LTV five-year fixed rate product available at 3.19% now has a reduced arrangement fee of 1%.

ERCs are 3%/2% for two-year fixed products and 5%/4%/3%/2%/1% for five-year fixes.

ICR starts from 125% of the mortgage payment and is calculated at payrate for all five-year products on both purchase and re-mortgage, including HMO/MUFB.   

Ross Turrell, commercial director at CHL Mortgages, commented: “We’ve seen positive movement in the markets with long-term swap rates improving and so have moved quickly to pass these savings onto landlords through our intermediary partners.

“The BTL marketplace is hugely competitive and it’s important to outline our product and service values on an ongoing basis. 

“Passing on these savings — alongside no loading on our valuation fees — demonstrates our commitment to promoting transparency throughout our proposition, attributes we will continue to build on in H2 2021.”

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